answersLogoWhite

0

  • Estates
  • Probate

What power does the trustee of an estate have?

User Avatar

Wiki User

βˆ™ 2012-08-11 21:22:23

Best Answer
Copy

In some cases a testator sets up a trust in her will. That type of trust is called a testamentary trust. Some trusts can go on forever especially with a very wealthy testator who wants to maintain control over her estate even after death. In some cases a trust is established by the testator when there are devisees who are minors, spendthrifts or under some handicap. The trust is treated separately from the probate of the will. An executor is appointed to distribute the property according to the will. If a testamentary trust is set forth in the will, the named property goes to the trust and a trustee is appointed to administer the property according to the terms of the trust. The powers of the trustee are set forth in the will.

2012-08-11 21:22:23
This answer is:
πŸ€“
🀯
πŸ€”
User Avatar

Add your answer:

Earn +5 pts
Q: What power does the trustee of an estate have?
Write your answer...
Submit

Related Questions

Can the trustee of a will give items of the estate to non beneficiaries and refuse an interim distribution to the stated beneficiaries?

The trustee under a will MUST distribute the estate according to the provisions in the will. The trustee does NOT have the authority to make gifts to non-beneficiaries unless that power was granted in the testamentary trust. The trustee should be reported to the court that appointed her/him for mishandling their authority and the estate. You should ask the court to appoint a successor trustee.


What checks can be deposited into an estate bank account?

Checks made payable to the Estate, or to the Trustee of the Estate in their capacity as Trustee, and/or to the individual for whom the Estate is named.


Can a trustee of a house quitclaim it to another person?

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.


If a house was transferred to a living trust can it be sold?

You need to check the document that created the trust to find your answer. All the provisions of a trust and the powers of the trustee are set forth in that trust document. It creates a self governing entity. The trustee can only perform the functions set forth in the declaration. If the trustee has the power to sell real estate the trustee can execute a deed that conveys the property to a new owner. If there is no power in the trustee to transfer real estate explicitly recited in the trust document, then you will need to petition a court to issue a license to sell the real estate or reform the trust to include a power of sale.


How can a home in a trust be removed by a trustor and put in the Trustor and Trustee name?

You need to review the terms of the particular trust. Each trust is unique and contains all the provisions of the trust and all the powers of the trustee. You need to check to see if the trustee has the power to execute a deed to transfer the real estate.You need to review the terms of the particular trust. Each trust is unique and contains all the provisions of the trust and all the powers of the trustee. You need to check to see if the trustee has the power to execute a deed to transfer the real estate.You need to review the terms of the particular trust. Each trust is unique and contains all the provisions of the trust and all the powers of the trustee. You need to check to see if the trustee has the power to execute a deed to transfer the real estate.You need to review the terms of the particular trust. Each trust is unique and contains all the provisions of the trust and all the powers of the trustee. You need to check to see if the trustee has the power to execute a deed to transfer the real estate.


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.


How can real estate be removed from a trust?

You need to review the provisions in the document that created the trust to determine if the trustee has the authority to sell or transfer real estate. The trustee holds title to the trust property. If the power to sell is recited in the trust the trustee can execute a deed to transfer the property to a new owner. If the power to sell is not recited in the trust then you will need a court order to transfer title.


Can you sell a real estate property titled in trustee after owner dies?

Can you sell a real estate property titled in trustee after mother and father dies


Can an executor or trustee sell the property of the person who inherited the property?

It all depends on the provisions in the will.If (1) the "heir" is a beneficiary of a testamentary trust; and, (2) the "heir" "inherits" the property through a distribution from or of the trust res by the trustee, and, (3) the provisions of the trust instrument or will provide that the trustee has the power to do so; and, (4) the rights of the beneficiary terminate with the exercise of this power by the trustee as provided for in the trust instrument or will, then yes.


Is an executor of a will in Queensland a Trustee?

An executor of a will is the same thing as a trustee. They are responsible for the estate and making sure that plans are carried out.


Do you have to have a trustee for an estate?

In order for there to be an estate, there must be a trustee. You don't have to name one in your will, the court will appoint one. And many banks will serve as a trustee. In most estates no trust is created and therefore no trustee is appointed. Generally, the only fiduciary needed is an executor (with a will) or administrator (without a will). The court will issue either Letters Testamentary or Letters of Administration and the fiduciary will have the authority to settle the estate.


Can original trustee take back duties after turning over to successor trustee?

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, 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.


Can a trustee of an estate be challenged by a benificiary?

Yes trustee of an estate can be challenged by a beneficiary. When acting as the trustee you have to deal with not only people but also money you may worry more about the money part but really you have to worry about the people because it can be more challenging. Been a trustee can be easier if you have cordial dealings with truthful beneficiaries.


How do you take a home out of a revocable trust?

You need to review the terms set forth in the instrument that created the trust and find the provisions that give the trustee the power to transfer real property. In order to be able to convey the title to the real estate the trust instrument MUST give that power to the trustee.If the power to convey real estate is not given in the trust instrument then the trustee cannot convey the property out of the trust. In that case you must bring the matter before a judge. The judge can issue a decision that will grant the trustee the power to sell the real estate.Until the property is transferred out of the trust legally, title remains in the trust. If a trustee executes a deed and they don't have the power to sell real estate, their deed is invalid.Your question implies that you may have transferred your property to a trust without the assistance of an attorney. Trust law is extremely complicated and errors made by non-professionals can be extremely costly to correct if they can be corrected.Trusts should always be drafted by an attorney and any transfers should be supervised by the attorney.


How do you get a trustee off of a deed of trust?

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.


Does the trustee owe the trust money because the real estate market took a plunge?

Generally, no. The decrease was not the result of the actions of the trustee.


Can the executor and trustee be the same person for a will?

The executor is responsible for the estate. The same person can also be the trustee for a trust set up under the will.


Can you sell your house even if it in a trust?

You must review the provisions of your trust to determine if the trustee has the power to sell real estate. If not then you will need to seek a court order.


Does a quitclaim deed modify a living trust?

A trust is an agreement. You cannot "modify" a trust by a deed. Trusts are modified by amendments to the trust. Property can be removed from a trust by a deed executed by the trustee if the trustee has been given the power to sell real estate.


Who puts money into an estate account?

Whoever is the trustee(s) of the trust for the estate is responsible for the account, including putting money in it.


Can a prisoner act as a trustee of an estate?

Generally speaking, no. A trustee has to have access to financial records, meet with beneficiaries, and conduct all the other duties a trustee is required to do. That is simply not available to someone who is incarcerated.


You are the successor trustee of your deceased mother's estate in California Are you responsible for her credit card debt?

No, you are not PERSONALLY liable for your mother's debts. Debts of the deceased are paid from the estate, so as the Trustee for that estate, you would have to see that the debts are paid from the estate. Creditors must file a claim against the estate to be paid, and state laws dictate the time limit for filing such claims.


What is the wording for a quit claim deed from an individual to her living trust?

First you must confirm that your trust meets the legal requirements in your state for holding title to real estate and that the trust has adequate provisions for the eventual disposition of the real estate. It must give the trustee the power to convey. The proper form for a deed to a trust is to recite the trustee as the grantee as follows: . . . hereby grant to Arthur Glaude, as trustee of the Rexford Riverbank Revocable Trust . . .


Can trustee sale your property without owner consent?

You need to provide more details regarding the nature of the trust. Generally, if there is a trustee involved then title to the real estate is in the trust and not what you refer to as the "owner". The trust is the owner. The trustee powers are set forth in the document that created the trust. You need to review those provisions to ascertain the powers of the trustee for selling real estate.


What if my Mom died sister is the trustee then did a quitclaims then put her name and your name as the tenants in common is the property still protected in the living trust in ca.?

If your sister is the trustee of a valid trust and has power to transfer title to real estate owned by the trust then her deed as trustee transferred the property to you and her as individuals. The property is no longer owned (protected by) by the trust.