Yes. The trustee should be someone who is organized, intelligent, trustworthy and responsible.Yes. The trustee should be someone who is organized, intelligent, trustworthy and responsible.Yes. The trustee should be someone who is organized, intelligent, trustworthy and responsible.Yes. The trustee should be someone who is organized, intelligent, trustworthy and responsible.
Yes. There is a lot of work involved in being a trustee. The trustee needs to keep an account of all the money coming into the trust and all the money going out. The trustee must be extremely careful to not co-mingle their own funds with the funds of the trust or pay any of their own bills with trust funds. The account books for the trust should be made available to the trustor and the beneficiaries of the trust.
The tax refund goes into the bankruptcy estate. If your chapter 7 filing did not exempt the refund, the money will be used to pay the trustee and to pay your debts pro rata. That is, each creditor gets an amount equal to the percentage the debt is to the total indebtedness. You are not likely to get anything back, but if all the debts are paid off 100 per cent and the trustee is not entitled to any more money, the balance will be paid to you. The trustee should have decided what s/he is going to do. If you have a lawyer, s/he should discuss it with the trustee. You can also talk to the trustee or your case manager. I doubt you will get any of the refund, but make sure to stay on top of the issue and get notices of any trustee motions regarding these funds.
Trustee is not the owner of the property and hence he will have no right to sell the property held under trust.
If you pay off your Chapter 13 early and receive your discharge, you won't need permission from the trustee for anything. The case will be over and you can make whatever purchase you qualify for.
its a trust or a beneficiary.
Yes. The trustee should be someone who is organized, intelligent, trustworthy and responsible.Yes. The trustee should be someone who is organized, intelligent, trustworthy and responsible.Yes. The trustee should be someone who is organized, intelligent, trustworthy and responsible.Yes. The trustee should be someone who is organized, intelligent, trustworthy and responsible.
Your case is handled by a court, with a judge. The trustee is essentially on that staff. Better get your facts and laws straight. Its a serious accusation your bringing. The Trustee is actually working on your behalf to pay YOUR bills....if that's where the money went...to pay your debts, not to his benefit....he probably just did what he was supposed to. But what do you think should be legally done with the money you received other than pay those you owe and swore you would pay?
My mother made her bank the trustee for her accounts so they could pay her bills for her.
Only the trustee handling the case can answer that. It is at the descretion of the trustee of who, how, and when to allocate the assets.
The Trustee keeps anything that is not exempt. If your settlement is part of the bk, and is not exempt, it will be used to pay off your creditors.
Yes. There is a lot of work involved in being a trustee. The trustee needs to keep an account of all the money coming into the trust and all the money going out. The trustee must be extremely careful to not co-mingle their own funds with the funds of the trust or pay any of their own bills with trust funds. The account books for the trust should be made available to the trustor and the beneficiaries of the trust.
The beneficiaries should request it in writing. A trustee should always be willing to provide an account and it should be easy if they are keeping good records. If the trustee doesn't respond in a timely manner then you should file a complaint with the court. A trustee who doesn't perform their legal duties properly should be replaced. The court can remove and replace a trustee.The beneficiaries should request it in writing. A trustee should always be willing to provide an account and it should be easy if they are keeping good records. If the trustee doesn't respond in a timely manner then you should file a complaint with the court. A trustee who doesn't perform their legal duties properly should be replaced. The court can remove and replace a trustee.The beneficiaries should request it in writing. A trustee should always be willing to provide an account and it should be easy if they are keeping good records. If the trustee doesn't respond in a timely manner then you should file a complaint with the court. A trustee who doesn't perform their legal duties properly should be replaced. The court can remove and replace a trustee.The beneficiaries should request it in writing. A trustee should always be willing to provide an account and it should be easy if they are keeping good records. If the trustee doesn't respond in a timely manner then you should file a complaint with the court. A trustee who doesn't perform their legal duties properly should be replaced. The court can remove and replace a trustee.
The tax refund goes into the bankruptcy estate. If your chapter 7 filing did not exempt the refund, the money will be used to pay the trustee and to pay your debts pro rata. That is, each creditor gets an amount equal to the percentage the debt is to the total indebtedness. You are not likely to get anything back, but if all the debts are paid off 100 per cent and the trustee is not entitled to any more money, the balance will be paid to you. The trustee should have decided what s/he is going to do. If you have a lawyer, s/he should discuss it with the trustee. You can also talk to the trustee or your case manager. I doubt you will get any of the refund, but make sure to stay on top of the issue and get notices of any trustee motions regarding these funds.
Yes. The name of the trust and the name of the trustee (as trustee) should appear on the account since the trustee is the human who must conduct the business of the trust according to its terms. The account should not be opened in the trustee's name as an individual.
You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.