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Whoever is trustworthy, honest, realistic, very good at managing money and has good organizational skills would make a good trustee. However, that decision should be discussed with the attorney who drafts the trust for you.
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Can a name be added to living trust property?
No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.
What are the responsibilities of an executor of a living trust?
A trust doesn't have an executor. It has a trustee. The trustee manages the trust according to the terms of the trust.
Can a co trustee buy quit claim property from trust and transfer into own personal trust?
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.
Does a living trust require an attorney as trustee?
No.
How do you administer a living trust?
A trust is managed by a trustee who is named in the document that creates the trust. The trustee has full control of the trust property and manages the trust according to the provisions set forth in the trust document. A trust should be drafted by an attorney who specializes in trust laws in your state.
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.
What is the responsibility of a trustee in a living trust?
The responsibilities of any trustee are set forth in the trust instrument. A trust should always be drafted by an attorney who specializes in trust law and tax law and who will set the provisions of the trust to meet the needs of the trustor. The powers and responsibilities of the trustee(s) are set forth in the trust instrument and they have no other powers.
Can assets be siezed if a trustee of an revocable living trust goes bankrupt?
Probably not. The trustee and the Trust are entirely different things.
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.
Can a trustee refuse to give disbursements to a beneficiary under a living person's trust?
No. The trustee only has the power granted in the document that created the trust. If the trust was drafted properly, there are provisions in the trust document for the removal of the trustee and for appointing a new trustee. If not, then the matter can be brought before a judge and the court can remove a trustee who is violating the terms of the trust.
Can a trustee put their name on bank accounts belonging to the trust?
Yes. The name of the trust and the name of the trustee (as trustee) should appear on the account since the trustee is the human who must conduct the business of the trust according to its terms. The account should not be opened in the trustee's name as an individual.
What do you do if a sibling is trustee of a living trust and you feel he may be using funds from the trust for his own use in California?
If possible you should discuss the situation with the trustor and ask to have the trustee removed. If that's not possible you could start by asking for an accounting by the trustee. You have an equitable interest in the trust property and the trustee is responsible while he is in charge. If you suspect that the trustee is borrowing against the trust, take him to court. Court's do not look favorably on self-dealing by a trustee and can remove the trustee if it finds the trustee is violating the trust. As a fiduciary the trustee is bound to do nothing that compromises anyone's rights under the trust. As a fiduciary the trustee has the obligation to grow the assets of the trust rather than waste them. If the trustee is making unsecured, no-interest loans to himself he is not making prudent decisions on behalf of the trust.
