None of the above is responsible. The estate has to pay off the debts, including the funeral costs. If the estate cannot do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
If he is also the TRUSTEE. It is the trustee who is responsible.
You need to review the trust to determine what the trustee was supposed to do.You need to review the trust to determine what the trustee was supposed to do.You need to review the trust to determine what the trustee was supposed to do.You need to review the trust to determine what the trustee was supposed to do.
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
A co-trustee is not responsible for the unauthorized acts of the other trustee unless she/he knew of the unauthorized acts and did not report them or facilitated them in any way. A trustee who mismanages trust funds is personally liable.
It should be on file in the court house.
No, a settler is the person who creates a trust by transferring assets into it, while a trustee is the person or entity responsible for managing those assets in the best interest of the beneficiary of the trust.
A company's pension fund for its current and former employees is often held by a securities firm or a bank. The fund is administrated by a trustee that was appointed usually by the company. The trustee is assigned the duties of making sure all the company's required duties are being met. The trustee is also responsible for insuring that the fund is handled in accordance with the regulations that were set up by the company. The trustee is also responsible for making sure the investments in the fund are sound ones and are diversified.
A successor trustee must be appointed and the present trustees must be removed. There should be provisions in the trust document that direct how trustees will be appointed and removed. Hopefully, the trustor can appoint a new trustee who is a non-interested party.
Only that property that is determined to be owned by the sibling. If property is owned jointly between the sibling and the remaining family, the remaining family may be forced to get a loan to pay the appraised value of the siblings share. As this Q is frequently referred to by those asking about a trustee that is a sibling.....a trustee is NOT the owner of any of the proerty he is trustee for...in fact, IT CANNOT be used for his personal needs.
Yes, an executor of a will in Queensland is also considered a trustee. The executor's role includes managing the deceased's estate and distributing assets to the beneficiaries in accordance with the terms of the will, which involves acting in a fiduciary capacity similar to that of a trustee.
In Michigan, embezzlement by a trustee of a living trust would likely be considered a breach of fiduciary duty. The trustee has a legal obligation to manage the trust assets for the benefit of the beneficiaries and any misappropriation of trust funds can result in civil or criminal penalties. Beneficiaries can take legal action to recover the misappropriated funds and remove the trustee from their position.