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.
As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.
You must review the provisions in the trust document to determine if the trustee can make loans.
No. You cannot maintain any control over the assets in a irrevocable trust. Doing so will cause the trust to fail and leave you exposed to creditors and taxes.
The trustee has only the power that is set forth in the trust document. You should review the trust document to determine if that specific power was granted to the trustee.
An irrevocable trust cannot be amended. An example of this is an Oklahoma case in which the Tax Commission could tax a trust created in Oklahoma as a resident domiciled trust even after the grantor and trustee moved to Nevada. http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=ok&vol=/appeals/2001/&invol=275718 Often, this is taken into account by a skilled attorney and the irrevocable trust specifically permits the trustee to change the domicilie of the trust.
As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.
yes
You cannot have the same person as grantor, trustee and beneficiary in any trust. There is no trust created in such a set up. The grantor in an irrevocable trust cannot be the trustee. The property in an irrevocable trust must be permanently separated from the grantor's control.
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.
No. That would invalidate the trust.
A trustee has only the powers set forth in the trust. You must review the trust document to determine what the trustee can do.
You need to review the terms of the trust to determine the extent of the trustee's power.
Yes. The trust would be represented by its trustee in the suit. However, the trustee would not be personally liable.
The trustee must sign. The trustee is the only person who has the power to sign on behalf of the trust. It is their purpose.
my brother is the is in charge of my parents irrevocable will of trust can he remove me
The grantor has no control over the assets in an irrevocable trust. Those assets are under the control of the trustee.
If the trustee breached fiduciary duties and stole from the trust, legal action can be taken against the trustee. The grantor may not be able to unilaterally change an irrevocable trust, but they can seek legal remedies to address the trustee's misconduct. It is important to consult with legal counsel to explore options for addressing trustee misconduct in the context of an irrevocable trust.