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What are your rights as a beneficiary of a trust from 1998 the trustee would never give you an accounting?
Wiki User
∙ 13y ago
You should consult with an attorney about filing a petition with the court to compel an accounting. A trustee's actions are governed by law and one of a trustee's responsibilities is to provide an accounting. A trustee who misbehaves is personally liable for any damages or waste of trust assets. However, you have waited a long time and there may be a statute of limitations in effect. You may have a valid claim against the trustee and may be able to sue them personally but you must consult with an attorney ASAP.
Wiki User
∙ 13y ago
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What is the Accounting Equation for the company for the beginning of the accounting year?
The accounting equation never changesassets = liabilities + owners equityAt the end of the year, accounts are closed out, such as expense accounts and revenue and are begun with a "0" balance for the new accounting cycle (fiscal or calendar year).
Who made accounting?
Accounting is a most ancient art/science, probably is third behind counting and speech. As it predates any form of writing the history of its invention and development was never recorded.
What is advantages of Money measurement concept?
1. easily to known about it because mainly all type of transaction is based on money in accounting. 2.it is continuous process. 3.is is never ending process.
Economic function of profits and losses?
Economic profit will never exceed accounting profit. The accountant will calculate total cost using only explicit costs (basically a transfer of money) that the firm makes. On the other hand, .
Write short note on cash based accounting?
Cash Method Accounting This kind of accounting is used when you want to report income and earnings during the period of fiscal accounting. For legal and government entity, September 30 is time of filing and the rest of the companies; it is the end of the year. Cash based accounting means that when you receive the money the sales are recorded right away. The expenses is also recorded when they are paid. Cash based method is good if your income is less than one million and you instantly collect money for your product and service. Ironically the government used this method even if they earn more than trillion dollars. If you choose cash based method accounting, there are a lot of benefits that go with it. Assess first your business because if cash based method can fit your process then you can save money from book keeping. If you don't maintain an inventory or you don't have customer accounts, then cash based method is a good choice because it much cheaper. With this method you can see right away if your business is becoming profitable. Cash based accounting is a very simple method but it can only record cash transactions and doesn't take note about everything else. It can never work for businesses who doesn't credit or offer credit. If your business is not keeping inventory then this is a good choice. With this kind of accounting, there are no account receivable and account payable.
Can a debt collector execute a judgment against disability benefits for debt owed?
No, disability payments are exempt from creditor judgment. You should, however, never have monies commingled in a bank account to avoid the possibility of judgment levy upon said account. All disability payments should be held in a single account belonging to the beneficiary or the beneficiary's appointed trustee.
How can you trust a trustee?
Trust comes with time. It's only a foolish person who is drawn-in by a smile, loving words and promises. Take it slow and easy and get to know each other. Even the best of chameleons can't hide their true selves forever. Find someone that is fun to be with. Is good to you, keeps dates, gets along with your family and friends and is tentative to you, but not suffocating. Someone that likes to spend their weekends doing things with you. Takes you out to movies, clubs or simply spend some quiet time with you. If you find someone like that then take it slow and give that person a chance to prove their honesty.
Can one trustee get a loan on property in trust without the signature of the other trustee's knowledge?
bank mortgage was never recorded with the county. what happens
If you are the beneficiary listed on an insurance policy how can a person or persons not listed on the policy contest the claim if a change of benefit form was requested but never submitted?
Legally and contractually the named beneficiary is the beneficiary.
Trust Declaration, Stocks?
Trust Declaration, Stocks(Download)This Trust Declaration made as of ____________ (Date), by and between ___________ ("Trustee") and ________________________ ("Beneficiary").Whereas the Trustee is the registered owner of ___________ shares ("Shares") of the corporation ("Corporation"); and the Shares are to be held by the Trustee as trustee and nominee for the Beneficiary;Therefore this Declaration of Trust witnesses as follows:I. The Trustee hereby declares that he or she holds the Shares and all dividends and interest accrued or to be accrued upon the same upon trust for the Beneficiary and agrees to transfer the Shares as directed by the Beneficiary or otherwise deal with the Shares and the dividends and interest payable in respect of the same in such manner as the Beneficiary shall from time to time direct.2. The Trustee covenants and agrees that he or she shall at all times, exercise all voting rights in connection with the Shares and otherwise deal with the Shares as nominee for the Beneficiary only and in accordance with the instructions of the Beneficiary.3. The Trustee shall enter into, execute and deliver as nominee for the Beneficiary only, all such documents, instruments and other agreements as may from time to time be requested by the Beneficiary in connection with the Shares.4. The Trustee shall, at the request and expense of the Beneficiary, account to the Beneficiary for all sums received with respect to the Shares.5. The Trustee shall promptly transmit to the Beneficiary all notices, claims, demands or other communications which the Trustee receives relating to the Shares, including notices of shareholder meetings.6. The Beneficiary hereby releases the Trustee from any and all liability that the Trustee may incur in respect of any action taken by the Trustee either pursuant to the authorization or direction of the Beneficiary or pursuant to the terms of this Declaration of Trust. The Beneficiary shall indemnify and hold the Trustee harmless from all liabilities of any kind and character that may arise out of any act or omission by the Trustee pursuant to the terms of this Declaration of Trust.7. This Declaration of Trust shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, successors and assigns.8. Notices.Any notice required by this Agreement or given in connection with it, shall be in writing and shall be given to the appropriate party by personal delivery or a recognized over night delivery service such as FedEx.If to the Trustee: _____________________________________________________.If to the Beneficiary: ___________________________________________________.9. No Waiver.The waiver or failure of either party to exercise in any respect any right provided in this agreement shall not be deemed a waiver of any other right or remedy to which the party may be entitled.10. Entirety of Agreement.The terms and conditions set forth herein constitute the entire agreement between the parties and supersede any communications or previous agreements with respect to the subject matter of this Agreement. There are no written or oral understandings directly or indirectly related to this Agreement that are not set forth herein. No change can be made to this Agreement other than in writing and signed by both parties.11. Governing Law.This Agreement shall be construed and enforced according to the laws of the State of ____________________ and any dispute under this Agreement must be brought in this venue and no other.12. Headings in this AgreementThe headings in this Agreement are for convenience only, confirm no rights or obligations in either party, and do not alter any terms of this Agreement.13. Severability.If any term of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, then this Agreement, including all of the remaining terms, will remain in full force and effect as if such invalid or unenforceable term had never been included.In Witness whereof, the parties have executed this Agreement as of the date first written above._________________________ _______________________Trustee Beneficiary_________________________ _______________________Witness One Witness Two, Preferably aNotary_________________________Witness Three_________________DateTrust Declaration, StocksReview ListThe review list is provided to inform you about the document in question and assist you in its preparation. Trust Declarations give you protection from the attachment of assets held personally in your name. They are useful both for this legal purpose and the financial one that it makes it all the tougher for an opposing attorney to pierce the trust veil, so to speak, if that is possible. Therefore, an opposing attorney is more apt to stop pursuit of you if your assets are held in trust and therefore harder, if not impossible, to attach with a judgment. Hence comes the term “Judgment Proof.” Sweet music to the ears of those of us who are not lawyers.You should also obtain a resignation of trustee document, provided in the trust area as well, and have it signed should you have a falling out with your trustee at a later date. An ounce of prevention here can save the proverbial pound of cure. More than a few people, including myself, have been saved by this cautionary move. As the famous Mr. Dooley once said, “Trust everyone, but cut the cards.” Amen.1. Make sure you have two witnesses and a third to be absolutely safe in the trust area. You should have the agreement notarized, to be on the safe side.2. Make multiple copies and keep one with the specific transaction, another in your general financial agreements, and a third in your safe.
My mom died last year. We never had a funeral service. Wasn't the trustee supposed to handle the funeral?
You need to review the trust to determine what the trustee was supposed to do.You need to review the trust to determine what the trustee was supposed to do.You need to review the trust to determine what the trustee was supposed to do.You need to review the trust to determine what the trustee was supposed to do.
Can trustee be a beneficiary in a land trust?
A person should not be the sole trustee and the sole beneficiary. That arrangement may not constitute a valid trust and the trust property would be vulnerable to creditors and taxes.Trust law is one of the most complex areas of law. Many trusts drafted by lawyers are invalid. More trusts drafted by non-legal-professionals (such as accountants) or created by fill-in forms (purchased online) are invalid. You should always have a trust drafted by a local attorney who specializes in trust and tax law in your jurisdiction and who has a good reputation.The short answer is yes, but you would never want to do this. In a Land Trust situation you would be giving up the anonymity benefits AND a judge reviewing the trust would invalidate it because of a "merging of interests" between the Trustee and Beneficiary.Randy Hughes
If a life insurance policy is contested how does a judge determine intent if a new beneficiary form was requested but never submitted?
The life insurance policy is a contract. A judge can not determine "intent". Whoever is the named beneficiary is the beneficiary by contract.
How can insured amends his insurance policy without the consent of his irrevocable beneficiary?
The insured can never amend his insurance policy without the consent of his irrevocable beneficiary because this act would lessen or diminish what is due to the irrevocable beneficiary and thus considering that this is a diminution...consent of the IR beneficiary is necessary.
If ex husband dies never changing beneficiary does wife still receive the life insurance benefits?
Whoever is the named beneficiary on the policy will collect the death benefit.
Does the trustee in chapter 13 cases in North Carolina take your tax refund?
I spoke to my lawyer about it and he said that he has never know the trustee to take the refund in this district. I would advise you to talk with your lawyer, I am sure your case wasnt his first and they should have a history with the trustee.
How long After house is sold does it take for beneficiary to get money from sale of home?
if you have our executors you will never get your money
