What does the word trustee mean in a will?
A trustee is an individual ot a trust institution that holds the legal title to property for the benefit of someone else. That person or persons is what is called the beneficial owner. In most US states there are laws pertaining to how much the fees may be for the trustee to charge. By holding the legal title, the trustee has a vested and legal, and moral obligation to see that the property is diversified and that taxes are paid each year.
A trustee is a person to whom control over trust assets (cash, securities or other property) has been placed (by the trust creator) for the benefit of one or more beneficiaries.
Generally speaking a person or persons with powers of attorney may also be involved.
I believe that the word "trustee" has the same meaning regardless of whether it appears in a will or in an written trust agreement meant to take effect while the trust creator is still alive (aka an inter vivos trust).
For example, the testator (the person making his or her will) might want to leave a great deal of money or property to grandchildren who may be still too young to manage it wisely when the testator dies and the grandchildren are in a position to inherit. To delay the grandchildren's actual receipt of the inheritance until they are old enough, the testator may instruct in his will that the money or property is to be held by a named trustee until the grandchildren reach a specified age. The testator should make it clear who is to act as trustee (or alternate trustee, if the first-named trustee cannot serve.)
A trustee has a serious legal responsibility to protect and preserve trust property, and invest it prudently (unless the testator has explicitly forbidden the trustee to invest the funds, which is probably very rare), and never to use the trust principal or income (if any) for his or her own benefit, even if he intends to "borrow" and repay the funds; if he does so, he is breaching his duty. However, a testator or other trust creator may provide in writing that the trustee may be paid his or her fee out of the trust assets, or be reimbursed for any trust-related expenses he or she incurs. Finally, a trustee generally must provide a written accounting of all of the funds coming into and leaving the funds in trust.
FIRST MY LANDLORD RECEIVED A NOTICE OF DEFAULT AND NOW SHE HAS A SUBSTITUTION OF TRUSTEE WHAT DOES THAT MEAN?
When a person is incapable of acting for himself due to minority, mental illness or physical incapacity, a trustee may be appointed. The trustee signs cheques "John Doe as Trustee for Simon Smith". The trustee can vote if necessary in exactly the same fashion.
A company's pension fund for its current and former employees is often held by a securities firm or a bank. The fund is administrated by a trustee that was appointed usually by the company. The trustee is assigned the duties of making sure all the company's required duties are being met. The trustee is also responsible for insuring that the fund is handled in accordance with the regulations that were set up by the company… Read More
Replacing the trustee with another for some reason; maybe the trustee gets old and finds the job burdensome. There might be another trustee named in the document as authorized "..in the event first trustee resigns." I'm no lawyer, but I guess you could petition the court for a replacement trustee if you could prove the trustee was not following the lawful trust instructions or something.
TTEE is an abbreviation for "trustee." The trustee on a trust or on a other deposit account controls the assets in the trust or the funds in the account.
Could be "as trustee for"
TTEE is standard abbreviation for TRUSTEE.
It generally means "Trustee".
As trustee that is their responsibility. As trustee that is their responsibility. As trustee that is their responsibility. As trustee that is their responsibility.
The usual reason is the trustee has found evidence that indicates the bankruptcy filer has non-exempt assets that were not reported. This however, does not mean the trustee necessarily believes it was intentional; perhaps the filer did not realize he was owed funds that should have been reported. In rare cases it is because the trustee suspects dishonest activity relating to the bankruptcy. In extreme situations the trustee may refer the case to the U.S.Trustee… Read More
What kind of "trustee?" "Trustee" for WHAT?
No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally, once a successor trustee is appointed the former trustee has no powers. No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally, once a successor trustee is appointed the former trustee has no powers. No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally… Read More
Yes. A trustee must always declare that she is signing a document in her capacity as a trustee. If not, the validity of the document will be compromised by signing as an individual with no reference to her office as trustee.
That means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual. That means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual. That means the grantee is a trustee who is holding title… Read More
When the term trustee follows the name of the grantee on a deed that means the person named has not taken title as an individual. They have taken title as the trustee for a trust. A trust is a legal arrangement for holding title to property and it cannot act for itself. A trustee must be appointed who acts on behalf of the trust according to the provisions in the document that created the trust… Read More
The successor trustee has generally the same rights and powers granted to the original trustee. The successor trustee has generally the same rights and powers granted to the original trustee. The successor trustee has generally the same rights and powers granted to the original trustee. The successor trustee has generally the same rights and powers granted to the original trustee.
TTEE is an abbreviation for trustee. DTD may stand in for "Dated".
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.
First, a trustee is the trustee of a TRUST. The house may be trust property. The powers of a trustee are set forth in the trust document. If the house is owned by the trust and the trustee has the power to sell real estate then yes, a trustee can convey the house.
royal-run by governor trustee-run by trustee
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.
The trustee is the person who presently has the authority to carry on the business of the trust. If the trustee dies, resigns or is for some reason unable to continue their duties then a successor trustee is appointed. A well drafted trust will name a successor trustee and a process by which successor trustees may be appointed. If the trust instrument fails to provide for the appointment of a successor trustee then a court… Read More
You must review the terms of the trust to determine how a successor trustee can be appointed. The successor can take over the duties of the trustee.
A Chapter 7 trustee must receive a copy of your most recent bank account, some require the past 2 or 3 months. They cannot go into your bank account without your permission. They will do so only if they see something that is inconsistent with your other information or that may mean you have lied to the court and trustee.
A co-trustee is not responsible for the unauthorized acts of the other trustee unless she/he knew of the unauthorized acts and did not report them or facilitated them in any way. A trustee who mismanages trust funds is personally liable.
It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust. It depends on the lender. Generally, as long as… Read More
That is a way of stating that a trustee has been replaced by a successor trustee. The substitution or appointment must be in writing.
Receivership is a process whereby a trustee takes possession of assets in order to process a liquidation. The motion that you are asking about is a legal document that asks the court to end the process and to release the trustee of any obligation.
The trustee would need to execute a deed, or, that trustee can be removed and a new trustee can be appointed according to the provisions in the trust. Whoever is the valid trustee of the trust holds title to any real estate properly transferred to the trust.
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.
On a government document it means the name that appears is not yours, but is that of a trust that you have agreed to be the trustee or representative for.
Yes. When a person is named as a trustee there is generally an acceptance executed by the trustee and filed with the trust. You only need to make if known you do not wish to serve and the trustor can name a different trustee.
In bankruptcies a trustee is needed in all cases to administer the assets or determine that there are no assets. The court appoints the trustee in chapter 7 and 13. The creditors determine who will act as a trustee in chapter 11, usually. A trustee is needed if a person establishes a trust.
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.
A trustee has many legal rights as a representation but a trustee can not borrow money from an irrevocable trust.
fiduciary and trustee
A mutawalli is a manager, administrator trustee or an agent appointed by a dedicator of a wakf i.e., a charitable endowment in islam.
Associated in the mortgage world most likely will mean a person or thing connected with something else. A good example is the the trustee is associated to the beneficiary of the the note. The association of the trustee and beneficiary should always be separate and independent as to insure a fiduciary duty to the client in event of a foreclosure. If you need to know more please email me at firstname.lastname@example.org
Yes. You must report any additional income to the Trustee. If the Trustee or even worse, the US Trustee find out, they can press federal charges against you.
What do you do if a sibling is trustee of a living trust and you feel he may be using funds from the trust for his own use in California?
If possible you should discuss the situation with the trustor and ask to have the trustee removed. If that's not possible you could start by asking for an accounting by the trustee. You have an equitable interest in the trust property and the trustee is responsible while he is in charge. If you suspect that the trustee is borrowing against the trust, take him to court. Court's do not look favorably on self-dealing by a… Read More
An independent trustee is an entity who is completely independent of the parties to the trust, not a relative. For example, an accountant, attorney or the trust department of a bank would be an independent trustee. An independent trustee is an entity who is completely independent of the parties to the trust, not a relative. For example, an accountant, attorney or the trust department of a bank would be an independent trustee. An independent trustee… Read More
It would be possible depending on the details. For example, the current trustee could execute a valid lease on behalf of the trust. If a successor trustee was appointed, the trust would still be subject to the terms of that lease so the successor trustee would be obliged to honor it.
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.
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… Read More
The trustee is the person named in the trust document who manages the trust. The trustee is in charge of all actions of the trust, is empowered to carry out all the provisions of the trust, holds title to all the trust property and the trustee can be served if the trust is sued. The trustee is the person named in the trust document who manages the trust. The trustee is in charge of all… Read More
You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use. You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set… Read More
Of course they do. The beneficiaries are entitled to an annual accounting and they should monitor the trustee closely. A trustee has sweeping powers over the trust property and it is easy for a dishonest trustee to convert that property to their own use. Every state has laws that govern trustees. Any trustee who resists providing a record of their actions to the beneficiaries should be brought to court. The court can compel the trustee… Read More
They are a trustee for many banks. As trustee they act as a disinterested third party until you default on your loan
The trustee has no personal interest in the property. The trustee holds interest as a trustee only and must manage the property according to the terms of the trust and only according to the terms of the trust.