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In an irrevocable trust what is the fee for the trustee as he manages and disburses the trust to the beneficiaries in NY state?
Wiki User
∙ 15y ago
It should be whatever the trustee's fee schedule is. It can be challenged if it is not reasonable. True - it vaires from zero to legal maximums...usually its defined in the trust or in law.
Wiki User
∙ 15y ago
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Can a trustee change the financial make up of the irrevocable generation skipping trust for the benefit of only one beneficiaries?
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.
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 you borrow from an Irrevocable Trust?
You must review the provisions in the trust document to determine if the trustee can make loans.
Can you be the trustee of your own irrevocable trust?
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.
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.
Does the trustee of a irrevocable trust have to notify all family members of what is left in the trust?
The beneficiaries are entitled to an accounting to make sure the trustee is not wasting the trust assets.
Can a trustee of an irrevocable trust deny access to the beneficiaries of property included in the trust?
Generally, yes. The purpose of a trust is to transfer title to the property to the trustee. The trustee manages the property according to the provisions in the trust. The beneficiaries do not "have access" to the trust property only the proceeds therefrom as set forth in the trust instrument. Any and all powers and obligations the trustee has should be explained in the trust instrument. You should obtain a copy to help you understand what they trustee can do and what your rights are as a beneficiary. If you think the trustee is acting in conflict with the trust you could contact an attorney in your area for advice and options available to you.
Can a trustee change the financial make up of the irrevocable generation skipping trust for the benefit of only one beneficiaries?
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.
my mother has set up an irrevocable trust for myself and two other siblings. they get along fine with the trustee but there is great friction between him and myself. how do i have him removed and the trust turned over to another trustee?
Irrevocable means exactly that. The Beneficiaries might be able to remove the trustee if there is malfeasance, misfeasance, incompetence, negligence, fiduciary mismanagement, etc. This is a very difficult task to prove
What can you do if an irrevocable trust was left to 5 beneficiaries and one tries to sale the property without the knowledge of others?
The title to property in a trust is in the name of the trustee. Only the trustee has the authority to sell the trust property. A sale by one of the beneficiaries would be void since the beneficiaries do not have title to the property. If the property is real estate, a deed from one of the beneficiaries would not convey the property and would not be acceptable to the buyer. The deed must be executed by the trustee as set forth in the trust instrument.
What if a trustee of an irrevocable trust is not being truthful about funds being spent can the trustee be removed?
The trustee should be required to file an account every year that can be reviewed by the beneficiaries of the trust. They have an interest in both the trust property and that the trustee not waste, misuse or steal any of the trust assets. If the trustee is being secretive then the trust should be reviewed for any provision that address the removal of the trustee and the appointment of a successor. If there are no such provisions IN the trust document, a petition should be brought to a court of equity. A judge can appoint a new trustee. Any trustee who refuses to be accountable to the beneficiaries is not "trustworthy".
If the property in the irrevocable trust is sold who pays the federal and state income tax?
The trustee or the administrator of the trust or the beneficiaries would be responsible for paying the taxes that may be due when the property is sold.
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.
If I am named the beneficiary of an irrevocable trust do I have any control over any of the assets in the trust?
No. The trustee has control over the trust property. In certain types of trusts the trust document provides that the trustee can only act at the direction of the beneficiaries, however, the trustee holds title to the trust property and generally the trust document gives the trustee the power to manage the trust property.
Can a Registered Representative be a trustee of a irrevocable trust?
yes
Is it possible to arrange an irrevocable trust with the same person as grantor trustee and beneficiary?
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.
Can the executor of a living trust refuse to pay money to beneficiaries even though all debt has been paid and there is still property to be sold?
A trustee manages the property in the trust. An executor manages the property owned by a decedent at the time of their death. You need to review the trust document to determine what the trustee must do with the trust property now that the settlor has died.
