0
What else can I help you with?
What is the beneficiary in a trust?
the beneficiary in a trust is the person whom benefits from that which is held in trust.
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
Can a trust be a beneficiary?
Yes, a trust can be a beneficiary of another trust, as well as of various financial accounts, life insurance policies, and estates. When a trust is named as a beneficiary, the assets are typically managed according to the terms outlined in the trust document. This can provide control over how and when the assets are distributed to the final beneficiaries. It's essential to ensure that the trust's provisions align with the intentions of the person establishing the trust.
Can a beneficiary give up his shares in an irrevocable trust?
Yes, a beneficiary is not required to receive anything they don't want.
Can a trustee use the income from an irrevocable trust?
For personal use, only if they are the beneficiary. They are entitled to compensation for their work and to use funds for the benefit of the trust, but these are typically laid out in the trust itself.
What is the difference between a primary beneficiary and a tertiary beneficiary?
A tertiary beneficiary is only entitled to proceeds if the primary and secondary beneficiaries are no longer living.
What is the beneficiary in a trust?
the beneficiary in a trust is the person whom benefits from that which is held in trust.
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
Can there be a trustee and beneficiary to an irrevocable trust?
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.
Can an estate be named as a beneficiary in a will or trust?
Yes, an estate can be named as a beneficiary in a will or trust.
What is the meaning of fudiciary?
Fiduciary is essentially a trustee. It relates to the relationship between a trustee and a beneficiary when a trust is involved.
Can you name a trust as a beneficiary?
Yes, you can name a trust as a beneficiary of a financial account or insurance policy.
Can a trustee legally sue a beneficiary in a trust dispute?
Yes, a trustee can legally sue a beneficiary in a trust dispute if there is a valid reason for the lawsuit, such as breach of trust or misconduct by the beneficiary.
Can you be the sole trustee and sole beneficiary of a trust?
Yes, it is possible to be the sole trustee and sole beneficiary of a trust.
Can a future beneficiary borrow against his assets in trust?
If the trust is a spendthrift trust, then no, the beneficiary probably cannot borrow against it. It is up to the lender.
Can a creditor claim assets held for a beneficiary in trust in case of bankruptcy of the beneficiary?
Not if the trust was properly drafted by a professional.
Can a trust be named as the beneficiary of a certificate of deposit (CD)?
Yes, a trust can be named as the beneficiary of a certificate of deposit (CD).
