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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.
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∙ 14y ago
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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.
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.
In a Trust what is the Trustee and Trustor?
The trustor is the person who executes the trust and transfers their property to the trustee. Since a trust cannot act for itself, the trustee is the entity named by the trustor to manage the property held by the trust. The trustee holds title to the trust property.
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 does a successor trustee distribute the trustors personal belongings?
A successor trustee will distribute the trustor's personal belongings as dictated by the will and testament. This means that the successor trustee is bound by the same legal obligations as the original trustee.
What are the administrative duties of trustee after trustor dies?
You need to review the terms and provisions of the trust for your instructions.
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.
What is the difference between a Trustee and a Trustor of property?
A Trustor is the person who creates the trust and transfers the property into the trust. A Trustee is the person or entity responsible for managing the trust and its assets according to the terms of the trust document for the benefit of the trust's beneficiaries.
What is a deed of trust and how does it work?
It is evidence of a mortgage loan secured by a promissory note. It includes three parties: a trustor, a trustee and a beneficiary for it to be valide.
How can you find out if your trustee is taking monies from the trust account?
There should always be provisions that the trustee must provide periodic accountings to the trustor and the beneficiaries. There should be at least annual accountings where the trustee must account for every cent coming into the trust and every cent going out. If the trustee refuses then you should petition the court to compel the trustee to provide an accounting ASAP.
What should i do about a living trust that both the original trustee and the alternate trustee have declined to manage due to hostility between siblings?
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.
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.
