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When it pertains to a chapter 13, the trustee receives the payment amount stipulated in the approved BK, and disburses the funds in accordance to debt priority. Chapter 13's are more expensive than "7's" because of the additional work involved in the payment and accounting of debts.
What else can I help you with?
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 if I did not sign the tax refund checks that I gave to the trustee?
Verify that they were actually deposited. For me, I would make copies of the signed checks before handing them over to anyone. Hopefully the trustee will send you both the copies of the checks and a copy of the deposit receipt.
How do I sign checks as a successor trustee?
To sign checks as a successor trustee, you must first obtain a copy of the trust document that appoints you as the successor trustee. Review the document to understand your duties and responsibilities. Then, sign the checks using the format specified in the trust document, typically as "Your Name, Successor Trustee of Trust Name." Make sure to keep accurate records of all transactions and consult with legal or financial professionals if needed.
Can you deposit a check written to a trustee in your personal account?
No, you typically cannot deposit a check made out to a trustee into your personal account. Checks written to a trustee are intended for the trust and should be deposited into the trust's account. Doing otherwise could violate fiduciary duties and legal obligations associated with managing the trust's assets. It's best to consult with a financial advisor or attorney for specific guidance.
How do you sign checks as trustee?
As a trustee, you should sign checks by including your name followed by your title as trustee. For example, you would sign your name and then write "Trustee" or "Trustee of [Name of Trust]" beneath your signature. It’s important to ensure that the trust document grants you the authority to sign on behalf of the trust and that you follow any specific signing requirements outlined in that document. Always maintain clear records of all transactions for accountability.
Can a trustee write out checks to himself?
A trustee generally cannot write checks to themselves without proper authorization or justification. The trustee has a fiduciary duty to act in the best interests of the trust and its beneficiaries, which means any payments to themselves must be clearly defined in the trust document or approved by the beneficiaries. If the trustee believes they are entitled to compensation for their services, they should follow the procedures outlined in the trust agreement to ensure transparency and legality.
In a Chapter 13 bankruptcy do I tell the Trustee about 1800.00 in bad checks written to a casino before signing the petition?
have to list ALL debts and ALL assets...you do not have any choice or pick and chose. Not doing sp can cause dismissal, and even contempt or fraud charges as you swear in your petition to the court that you have revealed you entire financial situation.. You should talk to your bankruptcy attorney about it.
Can a successor trustee close a trust checking account when there are outstanding checks that havent been cashed?
No. No one can close a bank account when there are outstanding checks that must be paid to the bearer.
Can you file Chapter 7 bankruptcy on bounced checks?
No, you cannot.
Checks should always be written with?
Checks should always be written in pen.
How long are checks good for after they are written?
Checks are typically valid for six months after they are written.
My father passed away years ago, but we never transferred assets out of his account or closed his trust. What must I do to close the trust after I transfer the funds out of it?
If you or your lawyer is the trustee, then you need to get the trust account banker to close the account, obtain written confirmation that it has been closed, and then destroy all associated checks after transferring the money. If someone else is the trustee, it will be up to them to close it.
