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What action do the beneficiary's of a land trust need to do when the trustee dies?
Determine who is the successor trustee
Does the trust end or must a new trustee be appointed if there are two trustees one of them also being the beneficiary and the other one dies?
You need to review the terms of the trust to determine how a new trustee must/can be appointed. A beneficiary/trustee invalidates a trust in many jurisdictions and may make the trust property vulnerable to creditors. You should contact the attorney who drafted the trust.
When the beneficiary dies does the trustee then own the property in the trust?
No. The trust specifies what happens if the beneficiaries are no longer living. It could go to the beneficiaries' estates, or a remainder man, or to a charity. It is possible for the person who set up the trust to leave it to the trustee.
If a trustee who is also one of 7 other beneficiaries of the trust dies before any trust assets are distributed what happens to the part of the trust that was to go to the trustee this is in Calif?
You need to review the trust document for the answer to your question. It should contain a provision for distribution of the share of a deceased beneficiary. If the trustee has died a new trustee needs to be appointed to make the distribution. The trust document should also have provisions for the appointment of a successor trustee.
Can a trustee change the distribution of a trust after the other trustee dies?
No. Not unless that power was granted in the provisions of the trust. The only powers a trustee has are those specifically recited in the instrument that created the trust. Any changes not allowed by the provisions in the trust must be made by a court.
What happens when trustee dies?
When a trustee dies, a successor trustee usually takes over the administration of the trust. If no successor trustee is named or available, the trust documents typically outline a process for appointing a new trustee. It is important to review the trust documents and consult with an attorney to ensure the proper steps are taken.
What does it mean when someone has a savings account in their name but also has someone else's name on the account in trust?
When someone's name is on an account, it means they own the money in the account and have access to the account. When someone's name is on the account as beneficiary or "in trust for", it means they have future ownership of the funds in the case that the owner dies. Until that happens, the beneficiary has no ownership or access to the funds or information about the account. Sometimes, the trustee doesn't even know they are on the account as beneficiary. Example: "John Smith as trustee for Timmy Smith" or "John Smith in trust for Timmy Smith" John is owner, and has access. He is also known as "Trustee" Timmy is beneficiary, has no ownership or access until death of John Smith hope that helps * * * The trustee or owner of the money doesn't necessarily have to die for the beneficiary to gain access to the funds. Sometimes it is the Trustee's duty to release a little money at a time, over time. The point being the Trustee is in a position of trust having a "fiduciary duty" to the beneficiary, in this example the duty of releasing the money according to the owners wishes. The Trustee administrates the Trust, and might not be a beneficiary at all. The beneficiary has ownership under the law "in equity." The Trustee has ownership in common law until his fiduciary duties have been discharged. That said, Trust Law is a very unsettled branch of the law.
Is an irrevocable trust terminated if beneficiary dies before the trustor?
You need to review the terms of the trust to determine how it must be managed. A well drafted trust will include a provision for an alternate beneficiary if the primary beneficiary dies or it will include a provision for the termination of the trust and distribution of any remaining trust property.
What happens to the property in the trust when the trustee dies?
When a trustee dies, the management of the trust property typically passes to a successor trustee, as specified in the trust document. If no successor is named, the trust may need to go through a probate process to appoint a new trustee. The property remains in the trust and continues to be managed according to the terms set forth in the trust agreement. Beneficiaries retain their rights to the trust assets as outlined in the trust document.
What happens if both primary and secondary beneficiary die. Second beneficiary had approved power of attorney to another sibling - what happens then?
A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?
What happens when the benefiary of a trust dies?
A properly drafted trust has provisions for the distribution of the trust property upon the death of the beneficiary.
What happens if there is a sole beneficiary and a trustee sole benficiary dies what happens to the trust corpus?
It depends on the language of the trust agreement. If it is silent on the issue, then it should pass to the estate of the person who created the trust. ==Additional Answer== In most jurisdictions a trust must have termination language in order for a valid trust to be created. It must contain instructions regarding the disposition of the trust property after the death of the beneficiary. Instructions for the disposal of the trust property is especially important when the trust holds the title to real estate. A valid trust makes provisions for the trustee to dispose of the property when the trust is terminated or upon the death of the beneficiary. If there is no power in the trust to dispose of the real estate then that matter must resolved by a court of jurisdiction in order to clear the title. The title to the property would not pass back to the trustors estate unless the trust was found to be invalid and so the trust failed and the trust property had REMAINED in the trustor's estate. You would need to check your state trust laws.
