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A trustee is an individual or organization appointed to manage assets or property on behalf of another party, known as the beneficiary. Their primary function is to ensure that the assets are handled according to the terms of the trust agreement, acting in the best interest of the beneficiaries. This includes making investment decisions, distributing income or principal, and maintaining accurate records. Trustees are also responsible for ensuring compliance with relevant laws and fiduciary duties.
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Can a trustee dissolve the charitable trust and keep the profits?
Can a trustee disolvevthe charitable trust and keep any profits
Is a trustee the same thing as a beneficiary?
No, a trustee is not the same as a beneficiary. A trustee is an individual or entity appointed to manage and administer trust assets according to the terms of the trust document, while a beneficiary is a person or entity that benefits from the trust, receiving assets or income from it. Essentially, the trustee has a fiduciary duty to act in the best interests of the beneficiaries.
Can beneficiary of trust tell a trustee what to do?
They most certainly may not! The entire purpose of the trust is to prevent the beneficiary from controlling the trust. The responsibility lies with the trustee to maintain the trust as it was set up. Actually, it depends on what kind of a trust is involved. For example, a Land Trust is beneficiary driven....meaning the beneficiary tells the Trustee what to do by letter of direction. Most all other types of trusts are Trustee driven and decisions are made by the Trustee. Randy Hughes
What is trustee-to-trustee transfer?
==One Answer== A trustee to trustee transfer is the legal method used to transfer an IRA or SEP (retirement accounts) account to another entity. For example, if you have an IRA certificate of deposit mature at one bank and wish to transfer it to another bank with a higher interest rate you are not allowed to cash out the CD and transfer it yourself. You need to fill out forms at the new bank and a trustee to trustee transfer will be done between the two banks. Once you have deposited funds into a personal retirement account you cannot withdraw the money yourself without incurring penalties. The banks act as your trustees.
What happens to the estate of a trustee if the estate of a trust is insolvent?
The financial situation of the trustee should be irrelevent to the estate. Unless they have been embezzling funds, there isn't any effect.
What is the possessive form of trustee?
The possessive form of "trustee" is "trustee's." For example, "The trustee's decision was final."
Why must the trustee of an irrevocable insurance trust make the premium payment?
As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.
How do you remove an appointed trustee from the board of trustee?
What is a life of Trustee.
Can convicted felons be a trustee in Florida?
What kind of "trustee?" "Trustee" for WHAT?
What is substitution of trustee?
Replacing the trustee with another for some reason; maybe the trustee gets old and finds the job burdensome. There might be another trustee named in the document as authorized "..in the event first trustee resigns." I'm no lawyer, but I guess you could petition the court for a replacement trustee if you could prove the trustee was not following the lawful trust instructions or something.
What is the difference between the trustee and the royal colony?
royal-run by governor trustee-run by trustee
Is a trustee required to use 'trustee' as a part of his signature?
Yes. A trustee must always declare that she is signing a document in her capacity as a trustee. If not, the validity of the document will be compromised by signing as an individual with no reference to her office as trustee.
Can the same person be both the beneficiary and the trustee of a blind trust?
No. The trustee has full control over the assets in the trust. In a 'blind trust' the trustee must be completely independent. If the beneficiary is the trustee then the trustee is not completely independent.
Can original trustee take back duties after turning over to successor trustee?
No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally, once a successor trustee is appointed the former trustee has no powers.No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally, once a successor trustee is appointed the former trustee has no powers.No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally, once a successor trustee is appointed the former trustee has no powers.No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally, once a successor trustee is appointed the former trustee has no powers.
Does substitution of trustee mean the same as termination of trustee?
No, substitution of trustee and termination of trustee are not the same. Substitution of trustee refers to the process of replacing one trustee with another while maintaining the trust's existence and terms. In contrast, termination of trustee involves ending the trustee's role and potentially dissolving the trust or redistributing its assets. Each process has different legal implications and outcomes for the trust and its beneficiaries.
Can the trustee and beneficiary be the same person in case of private trust?
If there is (1) more than one trustee; and, (2) the trustee-beneficiary cannot act as trustee unilaterally; and (3) the other trustee is not a beneficiary of the trust, yes. If the the trustee is also designated the beneficiary, the trust fails as illusory.
What is the difference between the trustee and the fiduciary of a trust?
fiduciary and trustee
