0
boo
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
When irrevocable trust has 2 trustees can 1 of the trustees close the account?
That depends on the terms of the trust and the law of the state where the trust was created. In general, when there are more than one fiduciary acting on either a trust or estate a majority of the fiduciaries must act together. When there are two, action has to be unanimous. Many trusts that appoint two trustees avoid this problem of unanimity by providing that each trustee may operate independently of the other. If the trust is written with this provision then one of the two trustees may close the trust account on his/her own.
In a church who should sign the contractual agreement deacons or trustees?
In SBC church many of the trustees are the deacons.
Do irrevocable trust trustees need to provide notice to beneficiaries when selling real property or dividing trust?
You need to review the provisions of any particular trust in order to find your answer. Each trust is managed according to the provisions chosen by the person who created the trust. Many trustees can only act at the direction of the beneficiaries. You need to look for that language in each trust document.
How do you find people named in a trust?
The only public information about many types of trusts is the names of the trustees, not the beneficiaries. You would need to provide some reason for the trustees to release this type of information to you.
Recently learned I am beneficary of a discretionary trustee will with solicitors acting as trustees keen to learn just what powersinfluence they will have on how when and what monies they can releas?
As a beneficiary of a discretionary trust, the solicitors acting as trustees will have the power to make decisions on whether, when, and how to distribute the trust funds to the beneficiaries. Their decisions will be based on the terms outlined in the trust deed, which will detail the criteria for distributions and the beneficiaries' interests. It is advisable to review the trust deed and consult with the trustees or legal counsel to understand how the trust will operate.
Does the trust end or must a new trustee be appointed if there are two trustees one of them also being the beneficiary and the other one dies?
You need to review the terms of the trust to determine how a new trustee must/can be appointed. A beneficiary/trustee invalidates a trust in many jurisdictions and may make the trust property vulnerable to creditors. You should contact the attorney who drafted the trust.
How do I create a family trust as part of my estate planning?
You can contact an attorney for information on a family trust. Many attornies deal with setting up these kinds of trusts.
Can an executor of a trust transfer land without the approval of all name in the trust?
First of all, there is no "executor" of a trust even if the trust was created in a will. The administrator of the trust is a "trustee". Second, the answer most likely lies in the trust document itself. The terms of the trust will usually spell out the powers of the trustee. If the trust gives the trustee full power to sell property at his/her own discretion, as many trusts do, then the trustee can sell land without the beneficiaries' approval. If the trust does not spell out the trustee's powers, then you look to the laws of the state where the trust was created. Every state has laws that specify what trustees can and cannot do if the trust does not so specify. Some states give trustees full power to sell without interference from beneficiaries. Some states require the trustee to ask for court permission to sell land. When they go to court for this, the beneficiaries may object and the court will decide if the sale is proper or not.
How many trustees governed the colony of Georgia?
none
Why is trust important in a family?
Trust is important in a family because without trust, families will treat their loved ones as strangers. There are many answers to this question. If you ask yourself this, you will get the answer. Why do I trust my mom/dad?
How many trustees lead Georgia during trustee period?
21 :)
How many years were the trustees supossed to manage the colony of Georgia?
25
