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What else can I help you with?
What is testamentary instrument?
Testamentary means of or relating to a will such as a testamentary trust or testamentary guardianship. A testamentary instrument would be a will.
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.
How do you collect and distribute assets of trust?
The powers of a trustee and the distribution of assets are set forth in the document that created the trust. For a testamentary trust the will would have to be presented to a court for allowance and an executor would be appointed by the court. If the trust is set forth in the will the court will then review and approve the trusteeship and appoint the named trustee once the estate has been settled. The executor would have collected the assets and they would be transferred to the custody of the trustee after the debts of the estate have been paid and according to the terms of the will. You should retain a probate attorney to supervise the estate.
How do you get a letter of testamentary in suffolk county if the estate is a trust?
To get a letter of testamentary in Suffolk County for a trust, you would typically need to submit a petition to the probate court. The court will review the trust documents, verify the appointment of the trustee, and issue the letter once everything is in order. It's advisable to consult with an attorney who specializes in trust and estate law to guide you through the process.
What is the difference between testamentary and non-testamentary documents?
A testamentary document is a Last Will and Testament or some other document that meets the statutory requirements of a will. A testamentary trust is one that is set forth in a will and may continue long after the death of the testator. Many wealthy testators maintain control over their property after death through testamentary trusts. Non-testamentary documents would be documents that are not related to a Last Will and Testament.
Can a current trustee bind a successor trustee?
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.
What would a president have to do to get removed?
treason, and I think killing someone.
How do you become a trustee for a special needs trust?
You would have to be designated as the trustee when the trust is created.
Can irrevocable trust be involved in lawsuits?
Yes. The trust would be represented by its trustee in the suit. However, the trustee would not be personally liable.
Can a trustee be removed and replaced by the beneficiary of a trust and if so how and what would be considered applicable grounds for removal?
The answer to the first part of your question is that you need to review the terms of the trust to determine if provisions were made for the removal of the trustee. If no provisions were made you must ask a court to do it for you. Some of the reasons a court will remove a trustee are as follows: (1) The trustee has committed a serious breach of trust; (2) Lack of cooperation among cotrustees substantially impairs the administration of the trust; (3) Because of unfitness, unwillingness, or persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries.
Is it possible to get a mortgage in the name of a irrevocable trust?
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 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 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 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.
What if the trustee breached her fiduciary duties and was steatling out of the trust can that irrevocable trust be changed by the grantor?
Unless the trust has provisions for removal of a trustee then an interested party would need to bring an equity petition to the appropriate court to have the trustee removed and a successor appointed. If there is a substantial amount of money involved you should seek the advice of an attorney and file your petition ASAP.
