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They most certainly may not! The entire purpose of the trust is to prevent the beneficiary from controlling the trust. The responsibility lies with the trustee to maintain the trust as it was set up. Actually, it depends on what kind of a trust is involved. For example, a Land Trust is beneficiary driven....meaning the beneficiary tells the Trustee what to do by letter of direction. Most all other types of trusts are Trustee driven and decisions are made by the Trustee. Randy Hughes
A beneficiary is a person who will receive a gift from somebodies estate. A Trustee is someone who will look after the asset until the beneficiary can receive the gift. i.e If children can only inherit when they reach the age of 21. The trustees would look after the asset until they reached 21.
Yes. As long as it is valued correctly and bought at the correct purchase price.
For personal use, only if they are the beneficiary. They are entitled to compensation for their work and to use funds for the benefit of the trust, but these are typically laid out in the trust itself.
Yes. An executor may also be a beneficiary.
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.
If there is (1) more than one trustee; and, (2) the trustee-beneficiary cannot act as trustee unilaterally; and (3) the other trustee is not a beneficiary of the trust, yes. If the the trustee is also designated the beneficiary, the trust fails as illusory.
No. The trustee has full control over the assets in the trust. In a 'blind trust' the trustee must be completely independent. If the beneficiary is the trustee then the trustee is not completely independent.
Yes.
No. That would invalidate the trust.
The lender is the beneficiary. The borrower is the trustor and the third party working for the lender is the trustee.
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.
its a trust or a beneficiary.
Yes, a trustee can sue a beneficiary of a trust if there is a breach of trust or if the beneficiary has caused harm to the trust estate. The decision to sue typically requires approval from the trust instrument or court approval in some cases.
Determine who is the successor trustee
Not necessarily, another trustee will be appointed.
They most certainly may not! The entire purpose of the trust is to prevent the beneficiary from controlling the trust. The responsibility lies with the trustee to maintain the trust as it was set up. Actually, it depends on what kind of a trust is involved. For example, a Land Trust is beneficiary driven....meaning the beneficiary tells the Trustee what to do by letter of direction. Most all other types of trusts are Trustee driven and decisions are made by the Trustee. Randy Hughes