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No, a trustee cannot take a benefit from the trust for themselves unless the trust document explicitly permits it. The trustee has a fiduciary duty to act in the best interests of the beneficiaries and must avoid conflicts of interest. Any unauthorized benefit taken by the trustee could be considered a breach of this duty, potentially leading to legal consequences.
What else can I help you with?
Can money be taken out from irrevocable trust at any time?
Typically, money cannot be taken out of an irrevocable trust at any time, as the trust is designed to be permanent and its terms are set by the trust document. The assets in an irrevocable trust are managed by a trustee for the benefit of the beneficiaries, and the grantor relinquishes control over those assets. However, distributions may be made to beneficiaries according to the terms outlined in the trust. If the trust document allows for certain withdrawals or distributions, then those provisions must be followed.
How do I claim my money for a Certificate of Deposit issued by PSFS Savers Bank in 1980?
In 1980 I recieved a settlement in trust the money was taken out of my account . how do I request a copy of my money at that time . n when it was taken out and by who .
Can you change domicile of an irrevocable trust?
An irrevocable trust cannot be amended. An example of this is an Oklahoma case in which the Tax Commission could tax a trust created in Oklahoma as a resident domiciled trust even after the grantor and trustee moved to Nevada. http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=ok&vol=/appeals/2001/&invol=275718 Often, this is taken into account by a skilled attorney and the irrevocable trust specifically permits the trustee to change the domicilie of the trust.
Can trustee cause debt to the trust?
Yes, a trustee can incur debt on behalf of the trust, but such actions must typically align with the trust's terms and purposes. The trustee has a fiduciary duty to act in the best interest of the beneficiaries and must ensure that any debt taken on is prudent and necessary for the trust's management. If the trustee fails to act responsibly or exceeds their authority, they may be held liable for any resulting losses to the trust.
What bank took over the New York Bank for Savings?
The New York Bank for Savings was taken over by Goldome in 1982. Goldome was taken over by Manufacturers and Traders Trust Company, a unit of Allied Irish Banks, P.L.c., in 1991
What is the worst advice you have ever taken?
Trust people, people will trust you :3
Can child support be taken out of a trust account?
Yes
How does one get taken off a trust when the person making the trust is dead?
You must review the document that created the trust to determine if changes can be made. All the provisions of a trust must be set forth in the trust document.
Is energy taken in an exothermic change?
no, endothermic trust me it shows it in my book
What are the positive and negative effects of trust?
When you trust others you feel freer. However, placing too much trust in others may set you up to be taken advantage of by others.
What does it mean when it says after the owners name on a deed trustee?
That means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual.That means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual.That means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual.That means the grantee is a trustee who is holding title to the property for the benefit of the beneficiaries of a trust. They do not own the property as an individual.
How do you liquidate a deceased person's trust?
A trust account can be liquidated if the wording used to create the trust allows for its liquidation. The actions taken would be to sell the assets of the trust and distribute the cash to the beneficiaries of the trust. This again is only possible if the trust's creative wording allows or says it should be done. A trust is administered by a trustee appointed for its position by the will of trust or in the words used to create the trust.
What is something that cant be given or taken away?
- dreams - truth - faith (trust) - a fart!
Can a trust's property be taken if one of the trustees has a judgment against him?
A judgment against the trustee in his individual capacity will not affect the trust property. A judgment against the trustee as the trustee will become a lien on the trust property.
Can trust points on WikiAnswers be deducted?
No. As of now, you can neither lose trust points, nor take them away from another user.Trust points cannot be deleted by anyone; once a trust point is given, it cannot be taken away.
What does street trust mean if the property is under foreclosure?
==One Answer== Perhaps those words have been taken out of context. The property may be owned by a trust named after the street on which the property is located such as "25-35 Maple Street Trust".
What is the disadvantage of sprinkling trust?
One potential disadvantage of freely giving trust to others without discretion is the risk of being taken advantage of or betrayed. It is important to balance trust with healthy skepticism to protect oneself from potential harm.
