the beneficiary in a trust is the person whom benefits from that which is held in trust.
They most certainly may not! The entire purpose of the trust is to prevent the beneficiary from controlling the trust. The responsibility lies with the trustee to maintain the trust as it was set up. Actually, it depends on what kind of a trust is involved. For example, a Land Trust is beneficiary driven....meaning the beneficiary tells the Trustee what to do by letter of direction. Most all other types of trusts are Trustee driven and decisions are made by the Trustee. Randy Hughes
Yes, a beneficiary is not required to receive anything they don't want.
A tertiary beneficiary is the third in line to receive something when the primary and secondary beneficiaries have died.
For personal use, only if they are the beneficiary. They are entitled to compensation for their work and to use funds for the benefit of the trust, but these are typically laid out in the trust itself.
Absolutely. Get the help of a lawyer. Consider an irrevocable trust with beneficiary named as one option.
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.
If the trust is a spendthrift trust, then no, the beneficiary probably cannot borrow against it. It is up to the lender.
Not if the trust was properly drafted by a professional.
Yes. A properly drafted trust shields the beneficiary from being personally liable for lawsuits involving the trust property.Yes. A properly drafted trust shields the beneficiary from being personally liable for lawsuits involving the trust property.Yes. A properly drafted trust shields the beneficiary from being personally liable for lawsuits involving the trust property.Yes. A properly drafted trust shields the beneficiary from being personally liable for lawsuits involving the trust property.
You need to review the provisions of the trust to determine if the trust allows a "beneficiary buy-out".
its a trust or a beneficiary.
You need to review the terms of the trust to determine how it must be managed. A well drafted trust will include a provision for an alternate beneficiary if the primary beneficiary dies or it will include a provision for the termination of the trust and distribution of any remaining trust property.
No. You can have anyone you want be the beneficiary. A trust, church, or any person you choose can be your beneficiary.
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.
Under UK Law: The trustee's must authorise the release of the property to the beneficiary(s) The beneficiaries under certain trust law can demand the property of the trust, but the trust deed must state a legal 'absolute' entitlement to that property. If the beneficiary has an absolute right to that property and has attained the stated age at which he or she should receive that property then the trustee's must authorise the payment to the beneficiary. IF it is a discretionary trust then you are only a 'potential' beneficiary and have no legal right to demand the property
Yes. If the creditor has won a judgment against the trust. It cannot be levied for a debt against the beneficiary as long as the trust is a valid trust.Yes. If the creditor has won a judgment against the trust. It cannot be levied for a debt against the beneficiary as long as the trust is a valid trust.Yes. If the creditor has won a judgment against the trust. It cannot be levied for a debt against the beneficiary as long as the trust is a valid trust.Yes. If the creditor has won a judgment against the trust. It cannot be levied for a debt against the beneficiary as long as the trust is a valid trust.
They most certainly may not! The entire purpose of the trust is to prevent the beneficiary from controlling the trust. The responsibility lies with the trustee to maintain the trust as it was set up. Actually, it depends on what kind of a trust is involved. For example, a Land Trust is beneficiary driven....meaning the beneficiary tells the Trustee what to do by letter of direction. Most all other types of trusts are Trustee driven and decisions are made by the Trustee. Randy Hughes