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You are in chapter 7 bankruptcy and i own property with your mother the property was just sold with a 30000 profit and the trustee gave the property back to us can the bank keep the whole profit from?
Wiki User
∙ 15y ago
Huh? It was sold and given back to you? But there was a profit from someone paying for it? Huh?
Wiki User
∙ 15y 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
I am my mother's legal trustee due to alzheimers I am filing BK will this affect my trustee status?
Question is unclear. Who are you filing bankruptcy for, her, or you? If for her, it should not affect you, personally or financially, in any way. If you are filing bankruptcy for yourself, your status as the trustee of, and your availability to, someone else's assets may come under close scrutiny by the bankruptcy court and your creditors. It they suspect, or can prove, any co-mingling of your assets with that of your mother's, REAL problems could ensue.
Your mother is the beneficary of 2 different trust 1 in Wis and Ma her trustee has been putting income into the one in ma from a commuity property state Wis is this co mingling?
Commingling is the mixing together of personal funds with the funds of a beneficiary or client. It is a breach of a fiduciary relationship. In the situation you described the trustee is not mixing your mother's funds with his/her own funds. Transferring property from one trust to another trust that benefits the same person is not commingling. The trustee may be acting to the benefit of the beneficiaries. If you suspect the trustee is acting improperly you should encourage your mother to request an accounting of each trust. The trustee should provide an annual account every year. It is the only way to monitor that what goes into the trust is only being used to benefit the beneficiaries and to pay the costs of administering the trust. What property comes in should equal the income that goes out for those purposes.
How do you use trustee in a sentence?
My mother made her bank the trustee for her accounts so they could pay her bills for her.
My deceased mother named a trustee on my Grandma's trust and I have power of attorney for my mother Do I become the new trustee?
No you do not. The next person in the list on your Grandmother's trust document steps in as the successor trustee. Powers of attorney are invalid once the principal has died. Your mother's Power of Attorney (which has expired) has nothing to do with your Grandmother's trust.
Does trust control over recently deceased father's will if father appointed his mother as trustee for his house she passed away many years ago?
If your father transferred his property to a trust and the trust is valid then the property isn't part of his estate. The language in the trust instrument should control this situation. If the original trustee died the trust instrument should provide instructions for appointing a successor trustee. If there are no provisions for appointing a new trustee then the court would need to appoint one. The will should be examined for any provisions regarding the trust. You should speak with an attorney who specializes in probate.
Who qualifies for bankruptcy?
There were substantial changes made to qualifications for bankruptcy in 2005. To qualify for bankruptcy you must meet a number of different requirements which vary greatly depending on the type of bankruptcy the individual or corporation is attempting to file for. Factors that are taken into consideration include current occupation and salary, monetary amount of debt, property owned, etc. The attached article lists for specifics per type of bankruptcy.
Can a mother and daughter file bankruptcy jointly?
the answer is yes, Yes mother and daughter can file bankruptcy jointly and also you and your husband will file bankruptcy jointly is still accepted as long as its not same sex marriage.
My brother was appointed executor of my moms living trust there are 3 of us beneficaries involved what are his duties he doesn't include us in any of the transactions or desisions he makes or any of t?
The only entity that can appoint an executor is the probate court. Your mother's will must be presented to the court for allowance if the will transferred her property to her living trust. The executor will be appointed at the same time. If your mother had transferred all her property to a living trust BEFORE her death you must have the trust document reviewed by an attorney. Your brother is not allowed to operate in secret. He should submit an inventory of all the property in the trust and an accounting of any property or funds he has distributed or spent. You can sue him in a court of equity if he refuses to be completely open about his activities as the trustee. A trustee has only the power explicitly given in the trust document. He does not own the property. He is holding it for the benefit of others. A trustee who is being secretive and unwilling to have his actions reviewed should be removed immediately and replaced with a more trustworthy trustee. A court can do that for you. You need to have your situation reviewed by an attorney who specializes in probate.
I am the trustee and only living survivor of my deceased mother's estate. What forms do I use to transfer ownership of property in my name?
It depends on the type of asset and the manner in which it currently is titled. Probate is not a "form" practice. You really need an attorney.
Can you take a loan on a property owned by your mother?
No. You have no rights in your mother's property.
If I file bankruptcy can I add my mother's creditor with my bankruptcy?
Just because she is your mother, it does not mean that you are automatically liable for her debts. When you file for bankruptcy, you can include only those debts which you are liable either personally or as a co-signor or joint debts. If you are not a co-signor and you include your mother debt in your bankruptcy, you will be committing fraud and your petition will be dismissed. Once a bankruptcy petition is dismissed for fraud, there may be restrictions on future filings. Your mother will continue to be liable for the debt. If she is unable to pay the debt, she can file for bankruptcy to discharge the debt. For an official opinion, it is advised you seek legal counsel.
