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Should trusts be named after the trustees?
A trust can be named almost any name the trustor can think of.
Can two people be the trustor of a trust?
No, typically there is only one trustor or settlor who creates the trust. Multiple individuals can be beneficiaries or trustees of a trust, but only one person establishes the trust and transfers assets into it.
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 the surviving Trustor change the Co-Trustees of the decedent Trustor's trust?
It depends on the terms of the trust document. Some trusts allow surviving trustors to change co-trustees, while others may restrict this ability or require certain procedures to be followed. It is best to consult with an attorney to review the specific language of the trust and determine the surviving trustor's rights in this situation.
How do you search for irrevocable trusts in land records?
You should search in the grantor index under the name of the trust and the trustees. If you know the name of the trustor you could search under that name.
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.
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.
Can a trust be changed by an incompetent trust maker?
No. However, the trustor must be declared incompetent by a court.No. However, the trustor must be declared incompetent by a court.No. However, the trustor must be declared incompetent by a court.No. However, the trustor must be declared incompetent by a court.
Who has access to a safety deposit box upon death of owner?
The executors and trustees of the estate.
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.
What is the plural possessive of trustees?
The possessive form of the plural noun trustees is trustees'.
What type of duties are exercised when a governor commuted a death sentence to life in prison?
Judicial Duties
