0
What else can I help you with?
Powers held by beneficaries of a trust?
The beneficiaries must review the provisions in the trust to determine the extent of their powers, if any.
What is a Semi Revocable Trust?
A semi-revocable trust is a type of trust that allows the grantor to retain some control over the trust assets while also providing certain protections and benefits to the beneficiaries. Unlike a fully revocable trust, the grantor may have limited ability to alter or revoke the trust once it is established. This type of trust can offer flexibility in asset management and distribution while still providing some level of security and permanence for the beneficiaries. It can be particularly useful in estate planning, allowing for specific conditions to be set for beneficiaries while maintaining some oversight by the grantor.
What is the meaning of tertiary beneficiary in a trust?
A tertiary beneficiary is the third in line to receive something when the primary and secondary beneficiaries have died.
What is a disinterested trustee?
A disinterested trustee is an individual or entity that serves as a trustee without any personal interest or stake in the trust's assets or its beneficiaries. This impartiality is crucial for ensuring that the trustee can make unbiased decisions that are in the best interests of the beneficiaries. Disinterested trustees help mitigate conflicts of interest and enhance the trust's integrity and transparency. They are often appointed to manage trust assets fairly and according to the terms set forth in the trust document.
What are disadvantages of a trustee?
Disadvantages of a trustee can include potential conflicts of interest, as they may prioritize personal interests over beneficiaries' needs. Additionally, trustees may face legal liabilities if they fail to manage the trust properly, leading to financial losses for beneficiaries. The complexity of trust management can also result in high administrative costs and require significant time and effort, which may not be feasible for all individuals. Lastly, a lack of transparency can lead to distrust among beneficiaries if they feel inadequately informed about the trust's management.
Do the beneficiaries of a trust have a say as to what happens in the trust?
That will depend on how the trust is written. In most cases the beneficiaries have no say in how the trust is distributed.
What happens when a trust has 100 beneficiaries?
The trust gets divided into 100 equal parts and given to the beneficiaries.
What if beneficiaries of a trust want to remove a beneficiary from a revocable trust?
You need to review the trust document to determine whether the beneficiaries have that power and how it must be exercised.
Is a beneficiary required to accept any form of payment the trustee mandates from an trust?
You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.
Do beneficiaries have the right to know the selling price of a property before the Trustees complete the sale?
The trustee has the authority to act on behalf of the trust according to the provisions set forth in the trust. Many trusts require the approval of the beneficiaries prior to any action by the trustee. Many do not. You need to review the provisions of your particular trust to determine the answer in your case.The trustee has the authority to act on behalf of the trust according to the provisions set forth in the trust. Many trusts require the approval of the beneficiaries prior to any action by the trustee. Many do not. You need to review the provisions of your particular trust to determine the answer in your case.The trustee has the authority to act on behalf of the trust according to the provisions set forth in the trust. Many trusts require the approval of the beneficiaries prior to any action by the trustee. Many do not. You need to review the provisions of your particular trust to determine the answer in your case.The trustee has the authority to act on behalf of the trust according to the provisions set forth in the trust. Many trusts require the approval of the beneficiaries prior to any action by the trustee. Many do not. You need to review the provisions of your particular trust to determine the answer in your case.
Can changes be made to beneficiaries in a revocable trust that was originally prepared by an attorney?
Changes can be made to beneficiaries in a revocable trust that was originally prepared by an attorney. In a revocable trust, you can legally change the terms and end the trust at anytime before death.
Can someone sue the beneficiary of a living trust for assets owned by the trust?
No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.
Do irrevocable trust trustees need to provide notice to beneficiaries when selling real property or dividing trust?
You need to review the provisions of any particular trust in order to find your answer. Each trust is managed according to the provisions chosen by the person who created the trust. Many trustees can only act at the direction of the beneficiaries. You need to look for that language in each trust document.
What is a spray trust?
A "spray trust" or "sprinkle trust" is created when the settlor gives the trustee discretion to pay income out of the trust to any of the beneficiaries of the trust as their needs appear. Thus the trustee has discretion to "spray" the income among the various beneficiaries. The trustee has a fiduciary duty to inquire as the the beneficiaries finances to assure the trustee's standard of living can be maintained.
How long can a trustee of a trust keep information from beneficiaries after the death of the owner of trust?
The trustee shouldn't keep any information from the beneficiaries. They should contact the trustee by a registered letter and ask to review a copy of the trust. Since they are the beneficiaries they have a right to review the trust to make certain the trustee is following the terms of the trust. They should also request an accounting of the trust assets. If the trustee doesn't cooperate the beneficiaries can seek a court order. Situations involving trusts can be very complicated. The beneficiaries should seek advice from an attorney who specializes in trusts and probate law.
Must a person have contractual capacity to be a beneficiary of a trust?
Answer: Minors may be beneficiaries of a trust.
Should the beneficiaries of an IRA be the trust or the heirs?
Should the beneficiary of an IRA be trust or the heirs
