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.
Can you sell a real estate property titled in trustee after mother and father dies
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.
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.
The proceeds belong to the estate of the beneficiary.
The financial situation of the trustee should be irrelevent to the estate. Unless they have been embezzling funds, there isn't any effect.
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.
Not necessarily, another trustee will be appointed.
Determine who is the successor trustee
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.
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.
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.
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.