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You mentioned an estate and a trust. I assume the estate was transferred to a trust upon the death of the testator.
You must review the terms of the trust to determine if there is a provision for the appointment of a successor trustee. The provisions set forth in the document that created the trust are the only rules that can be followed in managing the trust property. They spell out the powers of the trustee and should address every situation. The trust owns the property and manages it through a human being, the trustee. If there are no provisions for terminating the trust or appointing a successor trustee then a court must create those powers via a court order. You should consult with an attorney if you need expert help in interpreting the trust.
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∙ 14y ago
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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
What happens if Seller dies after signing contract?
If a seller dies after signing a contract then the contract is terminated. In the case of real estate the property may go to the state, a bank, or the trustee of the will.
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.
What happens if the sole beneficiary to a life insurance policy dies after the insured dies but before the claim is processed?
The proceeds belong to the estate of the beneficiary.
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.
What happens to savings and CD accounts during bankruptcy that have your name on them if they belong to another person and you actually have not inherited them yet?
If your name is on any account or CD, it is an asset of your bankruptcy estate. If the money cannot be exempted, then it can be siezed by the Trustee. However, if these are funds that are held in a Trust or become yours only upon the death of the holder of the funds, then they may not be reachable by a Trustee. If the person dies within 6 months of your bankruptcy filing date, then the money will have to go to the Trustee.
When a trustee dies does the beneficiary of the trust get notified of what is in the trust?
Not necessarily, another trustee will be appointed.
What action do the beneficiary's of a land trust need to do when the trustee dies?
Determine who is the successor trustee
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.
Is an executor of a will in Queensland a Trustee?
Yes, an executor of a will in Queensland is also considered a trustee. The executor's role includes managing the deceased's estate and distributing assets to the beneficiaries in accordance with the terms of the will, which involves acting in a fiduciary capacity similar to that of a trustee.
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.
Is an executor of a will able to handle the estate of a beificiary?
No. If the beneficiary dies their estate must be probated in a separate action.No. If the beneficiary dies their estate must be probated in a separate action.No. If the beneficiary dies their estate must be probated in a separate action.No. If the beneficiary dies their estate must be probated in a separate action.
