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How do you get money out of your trust when trustee refuses?
in estates
If a house is placed in an irrevocable trust does the trustee have the right to borrow money to reinvest in the house for improvements and maintenance?
You need to review the powers granted to the trustee in the trust instrument. The trustee may need to get court order if the power to borrow money was not granted in the trust.
Should a Trustee for a family trust be paid?
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 trust beneficiaries signed a modification to drop the bank as trustee and appoint a family member as the sole trustee. Can the trustee withdraw money from the trust at any time?
You must review the document that created the trust. Every trust is managed under the provisions set forth in the trust document and that includes the powers of the trustee. You should ask for a copy of the trust and read the provisions.You must review the document that created the trust. Every trust is managed under the provisions set forth in the trust document and that includes the powers of the trustee. You should ask for a copy of the trust and read the provisions.You must review the document that created the trust. Every trust is managed under the provisions set forth in the trust document and that includes the powers of the trustee. You should ask for a copy of the trust and read the provisions.You must review the document that created the trust. Every trust is managed under the provisions set forth in the trust document and that includes the powers of the trustee. You should ask for a copy of the trust and read the provisions.
Is it possible to get a mortgage in the name of a irrevocable trust?
It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.
Lawsattorney is responsible for report of trust money?
If he is also the TRUSTEE. It is the trustee who is responsible.
How do you get money out of your trust when trustee refuses?
in estates
Does a trustee get all the money in a trust?
No. The trustee has the power and authority to handle the money in the trust according to the terms set forth in the trust. The trustee must distribute the profits as provided in the trust and must distribute the remaining trust property when the trust terminates according to the provisions in the trust. The trust may also provide compensation for the trustee.
Can the trustee of a irrevocable trust buy the house in this irrevocable trust and take a loan out on the house to pay the other beneficiary?
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.
If a house is placed in an irrevocable trust does the trustee have the right to borrow money to reinvest in the house for improvements and maintenance?
You need to review the powers granted to the trustee in the trust instrument. The trustee may need to get court order if the power to borrow money was not granted in the trust.
Irrevocable trust - three trustees - can one trustee withdraw funds?
You must review the terms of the trust to determine if any one trustee can exercise the trustee powers. That is an important issue regarding trusts. Some trusts specify that less than the full number of trustees can act on behalf of the trust and some do not.
Should a Trustee for a family trust be paid?
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 trust beneficiaries signed a modification to drop the bank as trustee and appoint a family member as the sole trustee. Can the trustee withdraw money from the trust at any time?
You must review the document that created the trust. Every trust is managed under the provisions set forth in the trust document and that includes the powers of the trustee. You should ask for a copy of the trust and read the provisions.You must review the document that created the trust. Every trust is managed under the provisions set forth in the trust document and that includes the powers of the trustee. You should ask for a copy of the trust and read the provisions.You must review the document that created the trust. Every trust is managed under the provisions set forth in the trust document and that includes the powers of the trustee. You should ask for a copy of the trust and read the provisions.You must review the document that created the trust. Every trust is managed under the provisions set forth in the trust document and that includes the powers of the trustee. You should ask for a copy of the trust and read the provisions.
What trust fund money can be used for?
It depends entirely on the terms of the trust. You should read the trust document (if there is one) or speak with the trustee.
What if the executor of a living trust spends all the money that was in a bank account to maintain the estate for his own personal use Now there is no money to maintain the estate.What can be done?
A living trust has a Trustee (not an executor). You can bring a lawsuit against the Trustee. In the lawsuit the trustee will have to show what was done with the money, and the court will judge whether it is against the law or not. The trustee has a fiduciary responsibility and if that is violated, and there is proof, the trustee will lose the lawsuit and you will win damages.
Does the trustee owe the trust money because the real estate market took a plunge?
Generally, no. The decrease was not the result of the actions of the trustee.
Is it possible to get a mortgage in the name of a irrevocable trust?
It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.
