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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.
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∙ 15y ago
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My mom died last year. We never had a funeral service. Wasn't the trustee supposed to handle the funeral?
You need to review the trust to determine what the trustee was supposed to do.You need to review the trust to determine what the trustee was supposed to do.You need to review the trust to determine what the trustee was supposed to do.You need to review the trust to determine what the trustee was supposed to do.
Can a second cousin be a trustee?
Certainly, any reliable person can be named a trustee.
Can the same person be both the beneficiary and the trustee of a blind trust?
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.
Can there be a trustee and beneficiary to an irrevocable trust?
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.
How can you find information on a persons living trust?
If the person is deceased, you can contact the trustee if you know who the trustee is.
What action do the beneficiary's of a land trust need to do when the trustee dies?
Determine who is the successor trustee
How long does a person remain a trustee for a beneficiary?
The duration of a person's role as a trustee for a beneficiary can vary. It can be outlined in a trust document or decided by the terms of the trust. In some cases, a trustee may serve until the trust is terminated or until a successor trustee takes over.
Do you have to appoint a trustee if you have an executor?
No, an executor manages a person's estate after they pass away, while a trustee manages assets placed in a trust. If there is no trust established, there is no need to appoint a trustee. However, if a trust is part of the estate plan, a trustee will need to be appointed.
Delegate vs trustee?
A delegate is a person who represents a whole party. A trustee is a person who is given legal ownership of something for someone else benefit.
How do you transfer trusted land into the beneficiary?
You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.
Can the trustee and beneficiary be the same person in case of private trust?
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.
What is a corporate trustee?
A corporate trustee is exactly what the term implies: A trustee that is a corporation rather than a person. Although it will vary from state to state depending on that state's laws, a trustee may be any type of recognized legal entity such as a person or corporation. Sometimes corporations such as banks are made trustees of large trusts to take advantage of their expertise in investing and handling assets. Such a trustee will be referred to as a corporate trustee.
