In a Trust what is the Trustee and Trustor?

Is an incapacitated trustor still a trustee?

A trustor and trustee are two different entities. A trustor is the entity that executes a Declaration of Trust that includes all the provisions that govern the trust. The trustee is the entity or person who is appointed to manage the trust property. There should be a provision in the trust that provides instructions for the appointment of a successor trustee.

When a trustor is established does a trustor have the ability to change the trustee in a deed of trust?

A trust is established by a Declaration of Trust. The trustee is the person appointed to hold title to and manage the trust property. The declaration contains all the powers of the trustee and the provisions of the trust. You must review it to determine if and how the trustee can be terminated and a new trustee appointed.

How do you find out who the executor is of a revocable trust is?

A revocable trust has a trustee not an executor. If you want to know something about the trust you would need to ask the trustor. The trustor is the person who created the trust to hold title to their property.

Is it mandatory for trustee to sell principal residence?

If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.

What are the administrative duties of trustee after trustor dies?

You need to review the terms and provisions of the trust for your instructions.

Can you refuse to be a trustee?

Yes, you can refuse to be a trustee. If you choose to decline the responsibility, you should formally communicate your decision to the relevant parties involved in the trust to ensure they can make alternative arrangements. It is important to consider the legal and financial implications of declining the role before making a decision.

Is the banklender the trustee trustor or beneficiary?

The lender is the beneficiary. The borrower is the trustor and the third party working for the lender is the trustee.

Can a trustee take the property placed in a trust?

Yes, but not legally. A trustee who takes property from the trust without the permission of the trustor is stealing and can be prosecuted.The maker of a trust has the right to decide what powers will be given to the trustee and all is set forth in the document that creates the trust. Trust law is extremely complicated and trust documents should be drafted by an attorney who specializes in trust and tax law. The trustee only has the authority granted in the trust.However, a trustee has broad powers over the trust property and is in a position to steal from the trust. For that reason the trustor must choose a capable person as trustee, one with good character and good organization skills, one who has the time to manage the trust property and provide accountings of all their actions taken with respect to bank accounts and property.Yes, but not legally. A trustee who takes property from the trust without the permission of the trustor is stealing and can be prosecuted.The maker of a trust has the right to decide what powers will be given to the trustee and all is set forth in the document that creates the trust. Trust law is extremely complicated and trust documents should be drafted by an attorney who specializes in trust and tax law. The trustee only has the authority granted in the trust.However, a trustee has broad powers over the trust property and is in a position to steal from the trust. For that reason the trustor must choose a capable person as trustee, one with good character and good organization skills, one who has the time to manage the trust property and provide accountings of all their actions taken with respect to bank accounts and property.Yes, but not legally. A trustee who takes property from the trust without the permission of the trustor is stealing and can be prosecuted.The maker of a trust has the right to decide what powers will be given to the trustee and all is set forth in the document that creates the trust. Trust law is extremely complicated and trust documents should be drafted by an attorney who specializes in trust and tax law. The trustee only has the authority granted in the trust.However, a trustee has broad powers over the trust property and is in a position to steal from the trust. For that reason the trustor must choose a capable person as trustee, one with good character and good organization skills, one who has the time to manage the trust property and provide accountings of all their actions taken with respect to bank accounts and property.Yes, but not legally. A trustee who takes property from the trust without the permission of the trustor is stealing and can be prosecuted.The maker of a trust has the right to decide what powers will be given to the trustee and all is set forth in the document that creates the trust. Trust law is extremely complicated and trust documents should be drafted by an attorney who specializes in trust and tax law. The trustee only has the authority granted in the trust.However, a trustee has broad powers over the trust property and is in a position to steal from the trust. For that reason the trustor must choose a capable person as trustee, one with good character and good organization skills, one who has the time to manage the trust property and provide accountings of all their actions taken with respect to bank accounts and property.

What is the responsibility of a trustee in a living trust?

The responsibilities of any trustee are set forth in the trust instrument. A trust should always be drafted by an attorney who specializes in trust law and tax law and who will set the provisions of the trust to meet the needs of the trustor. The powers and responsibilities of the trustee(s) are set forth in the trust instrument and they have no other powers.

Does a trustee have the authority to distribute funds to beneficiaries in a controlled manner such as for education and medical if beneficiary is under age?

Generally, yes. You need to review the particular trust. The trustee has only the authority that is set forth in the document that created the trust. It is very common for the trustee to be instructed that distribution be limited to education and medical purposes. The trustor creates a trust so she/he can control the distributions. They don't want their money to be wasted.Generally, yes. You need to review the particular trust. The trustee has only the authority that is set forth in the document that created the trust. It is very common for the trustee to be instructed that distribution be limited to education and medical purposes. The trustor creates a trust so she/he can control the distributions. They don't want their money to be wasted.Generally, yes. You need to review the particular trust. The trustee has only the authority that is set forth in the document that created the trust. It is very common for the trustee to be instructed that distribution be limited to education and medical purposes. The trustor creates a trust so she/he can control the distributions. They don't want their money to be wasted.Generally, yes. You need to review the particular trust. The trustee has only the authority that is set forth in the document that created the trust. It is very common for the trustee to be instructed that distribution be limited to education and medical purposes. The trustor creates a trust so she/he can control the distributions. They don't want their money to be wasted.

Who has a copy of a revocable living trust?

The grantor (the person who created the trust) typically retains a copy of a revocable living trust, as well as the trustee (the person managing the trust). It's also common for a lawyer or financial institution involved in creating the trust to have a copy. It is important to keep the trust document in a safe place and ensure that trusted individuals know its location.

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.