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Can a trustee of a will be legally removed if misappropriating funds?
Yes. They can and should be removed as soon as possible. Review the trust first to determine if there is power in the beneficiaries to remove the trustee and appoint a successor. If there is no such provision in the trust then an action can be brought in a court of equity asking that the trustee be removed and another trustee appointed.
What is the appropriate amount for a trustee's fee and what can you do when you suspect the trustee is misusing the trust funds?
It depends, but could be 1% of total estate and you can petition the courts to have the trustee removed if you suspect misusing of funds.
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.
How do you remove a trust from a deed?
The trust document should have a provision by which the trustee can transfer the property. You must follow the provisions in the trust for transfer by the trustee. Generally, in order to remove real property from a trust the trustee must execute a deed that conveys the property to a new owner.
In a trust what happens to the property when the trustee passes away?
The trust should list a successor trustee. If it doesn't, then will likely need to file a petition with the court to name a new trustee.
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
What is substitution of trustee?
Substitution of trustee is a legal process where the current trustee of a trust is replaced with a new trustee. This can be done for various reasons, such as the original trustee resigning, becoming incapacitated, or being removed due to misconduct. The new trustee assumes all the duties and responsibilities of the former trustee.
What happens to a solid when energy is removed?
What happens to a solid when energy is removed
How can a trustee be fired?
A trustee can typically be removed through a process outlined in the trust document or by a court order. This often involves showing a breach of fiduciary duty or misconduct on the part of the trustee. Beneficiaries or interested parties may need to petition the court for the trustee's removal.
What happens when a trustee steals money from a trust account?
They have breached their fiduciary duties as a trustee. They can be brought up on a number of criminal charges or sued in civil court.
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 no such provisions IN the trust document, a petition should be brought to a court of equity. A judge can appoint a new trustee. Any trustee who refuses to be accountable to the beneficiaries is not "trustworthy".
What happens to the estate of a trustee if the estate of a trust is insolvent?
The financial situation of the trustee should be irrelevent to the estate. Unless they have been embezzling funds, there isn't any effect.
