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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.
Can you borrow from an Irrevocable Trust?
You must review the provisions in the trust document to determine if the trustee can make loans.
Can you sell assets out of a irrevocable trust?
You must look to the trust for your answer. A trust document contains all the provisions necessary for the management of the trust by the trustee. There should be provisions for the sale of assets by the trustee. Those provisions must be followed.
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.
If a house is placed in an irrevocable trust does the trustee have the right to borrow money to reinvest in the house for improvements and maintenance?
You need to review the powers granted to the trustee in the trust instrument. The trustee may need to get court order if the power to borrow money was not granted in the trust.
Is it possible to arrange an irrevocable trust with the same person as grantor trustee and beneficiary?
You cannot have the same person as grantor, trustee and beneficiary in any trust. There is no trust created in such a set up. The grantor in an irrevocable trust cannot be the trustee. The property in an irrevocable trust must be permanently separated from the grantor's control.
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 a Registered Representative be a trustee of a irrevocable trust?
yes
Can a set income from an irrevocable trust be increased by the trustee of the trust?
You need to review the terms of the trust to determine the extent of the trustee's power.
Can the same person be the trustee and a beneficiary of an irrevocable trust?
No. That would invalidate the trust.
Can the trustee of a irrevocable trust buy the house in this irrevocable trust and take a loan out on the house to pay the other beneficiary?
You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.
Can a trustee make investment decisions in an irrevocable trust in contest?
A trustee has only the powers set forth in the trust. You must review the trust document to determine what the trustee can do.
How can you remove a Trust Fund trustee?
my brother is the is in charge of my parents irrevocable will of trust can he remove me
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.
Who can sign on a irrevocable trust account?
The trustee must sign. The trustee is the only person who has the power to sign on behalf of the trust. It is their purpose.
Can irrevocable trust be involved in lawsuits?
Yes. The trust would be represented by its trustee in the suit. However, the trustee would not be personally liable.
If the grantor and the trustee are the same person in an irrevocable trust can they revoke any or part of that trust from the beneficuary?
In short no, an Irrevocable Trust cant be legally revoked by either party.
