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If a trustee of charitable trust gets divorced and marries again should the name of his ex wife be erased and replaced by name of second legal wife on trust board?
Khikhikhi
That is an internal issue that the board should decide. This is a matter of business etiquette that should be covered in writing someplace in the organization's documents. Generally, if the wife's name is customarily included, the current wife should be listed. Mrs. and Mrs. John D. Smith is an appropriate form that avoids the problem.
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∙ 14y ago
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Can a trustee dissolve the charitable trust and keep the profits?
Can a trustee disolvevthe charitable trust and keep any profits
Does irrevocable trust prohibit customary charitable giving?
You need to review the terms of the particular trust. If charitable donations can be made by the trustee that power will be (must be) set forth in the trust instrument.
What is substitution of trustee?
Substitution of trustee is a legal process where the current trustee of a trust is replaced with a new trustee. This can be done for various reasons, such as the original trustee resigning, becoming incapacitated, or being removed due to misconduct. The new trustee assumes all the duties and responsibilities of the former trustee.
What can be done if a trustee borrows estate funds but returns them?
A trustee who uses trust or estate funds for their personal use should be replaced. That is a violation of their fiduciary duty. They may not replace the funds the next time. You should petition the court to have them removed and replaced with a more trustworthy trustee or with co-trustees who could monitor each other.
How do you obtain an accounting of your trust from the 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 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.
What is the root word of mutawalli?
The root word of 'mutawalli' is 'wali', which means guardian or protector in Arabic. 'Mutawalli' refers to someone who is appointed as a caretaker or administrator of a charitable trust or religious endowment.
What is the difference between a shareholder and a trustee?
Trustee: 1. is a legal term that refers to a holder of property on behalf of a beneficiary. A trust can be set up either to benefit particular persons, or for any charitable purposes (but not generally for non-charitable purposes): typical examples are a will trust for the testator's children and family, a pension trust (to confer benefits on employees and their families), and a charitable trust. In all cases, the trustee may be a person or company, whether or not they are a prospective beneficiary.2. An individual or organization which holds or manages and invests assets for the benefit of another. The trustee is legally obliged to make all trust-related decisions with the trustee's interests in mind, and may be liable for damages in the event of not doing so. Trustees may be entitled to a payment for their services, if specified in the trust deed. In the specific case of the bond market, a trustee administers a bond issue for a borrower, and ensures that the issuer meets all the terms and conditions associated with the borrowing.Shareholder: One who owns shares of stock in a corporation or mutual fund. For corporations, along with the ownership comes a right to declared dividends and the right to vote on certain company matters, including the board of directors. also called stockholder.
What is the possessive form of trustee?
The possessive form of "trustee" is "trustee's." For example, "The trustee's decision was final."
Why must the trustee of an irrevocable insurance trust make the premium payment?
As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.
Can convicted felons be a trustee in Florida?
What kind of "trustee?" "Trustee" for WHAT?
How do you remove an appointed trustee from the board of trustee?
What is a life of Trustee.
Can a trustee be removed and replaced by the beneficiary of a trust and if so how and what would be considered applicable grounds for removal?
The answer to the first part of your question is that you need to review the terms of the trust to determine if provisions were made for the removal of the trustee. If no provisions were made you must ask a court to do it for you. Some of the reasons a court will remove a trustee are as follows: (1) The trustee has committed a serious breach of trust; (2) Lack of cooperation among cotrustees substantially impairs the administration of the trust; (3) Because of unfitness, unwillingness, or persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries.
