0
What else can I help you with?
Is a beneficiary of a trust responsible for trust expenses?
You need to examine the trust instrument for any provisions that may address your question but generally the trust pays trust expenses. Those expenses should come out of the trust funds before the beneficiary is paid. You need to review the document that created the trust is order to determine what the provision are, how the trust is managed and the powers of the trustee.
If money from a trust fund has been spent would you still be able to locate the trust if so how do you go about collecting funds from said trust or can you?
You would need to review the document that created the trust to find the identity of the trustee and then contact the trustee. You can collect funds from the trust only if the trust document names you as a beneficiary.
Can a trust lend money to a beneficiary to buy a house even though the trust usually distributes income to the beneficiary at year end?
You need to review the terms of the trust. The instrument that created the trust sets forth all the powers of the trustee. You need to determine if the trustee has the power to loan money from the funds held in trust.
How can i get access to a trust fund?
You cannot get access to a trust fund. A trust is managed by a trustee and the trustee is the only person with the authority to access the trust property. The trustee must manage the trust according to the provisions set forth in the trust document. If you are a beneficiary of the trust you should ask the trustee for a copy so that you can review the terms.
Can you name a trust as a beneficiary?
Yes, you can name a trust as a beneficiary of a financial account or insurance policy.
When a beneficiary is designated solely to distribute funds to children?
That person is said to hold the funds IN TRUST for the children and is therefore a trustee.
What does it mean when someone has a savings account in their name but also has someone else's name on the account in trust?
When someone's name is on an account, it means they own the money in the account and have access to the account. When someone's name is on the account as beneficiary or "in trust for", it means they have future ownership of the funds in the case that the owner dies. Until that happens, the beneficiary has no ownership or access to the funds or information about the account. Sometimes, the trustee doesn't even know they are on the account as beneficiary. Example: "John Smith as trustee for Timmy Smith" or "John Smith in trust for Timmy Smith" John is owner, and has access. He is also known as "Trustee" Timmy is beneficiary, has no ownership or access until death of John Smith hope that helps * * * The trustee or owner of the money doesn't necessarily have to die for the beneficiary to gain access to the funds. Sometimes it is the Trustee's duty to release a little money at a time, over time. The point being the Trustee is in a position of trust having a "fiduciary duty" to the beneficiary, in this example the duty of releasing the money according to the owners wishes. The Trustee administrates the Trust, and might not be a beneficiary at all. The beneficiary has ownership under the law "in equity." The Trustee has ownership in common law until his fiduciary duties have been discharged. That said, Trust Law is a very unsettled branch of the law.
Can someone sue a trust?
Yes. If the beneficiary has any reason the believe the trustee is mishandling the trust estate, they should commence an action immediately by requesting a full accounting. If you suspect the trustee is being dishonest or violating the trust in any way you should consult an attorney who can review the situation and explain your options.
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 beneficiary in a trust?
the beneficiary in a trust is the person whom benefits from that which is held in trust.
Is a beneficiary of a trust responsible for trust expenses?
You need to examine the trust instrument for any provisions that may address your question but generally the trust pays trust expenses. Those expenses should come out of the trust funds before the beneficiary is paid. You need to review the document that created the trust is order to determine what the provision are, how the trust is managed and the powers of the trustee.
What is k-1 in relation to a will?
I believe that the K-1 is a form that is required by the IRS when a beneficiary of a trust receives a disbursement of funds
If money from a trust fund has been spent would you still be able to locate the trust if so how do you go about collecting funds from said trust or can you?
You would need to review the document that created the trust to find the identity of the trustee and then contact the trustee. You can collect funds from the trust only if the trust document names you as a beneficiary.
Can a trust lend money to a beneficiary to buy a house even though the trust usually distributes income to the beneficiary at year end?
You need to review the terms of the trust. The instrument that created the trust sets forth all the powers of the trustee. You need to determine if the trustee has the power to loan money from the funds held in trust.
What does in trust mean on a check?
"In trust" on a check indicates that the funds are to be held in a fiduciary capacity for a specific purpose or beneficiary. This means the money is not for the payee's personal use but is intended to be managed or disbursed according to the trust's terms. It signifies a legal obligation to act in the best interest of the beneficiary.
How can i get access to a trust fund?
You cannot get access to a trust fund. A trust is managed by a trustee and the trustee is the only person with the authority to access the trust property. The trustee must manage the trust according to the provisions set forth in the trust document. If you are a beneficiary of the trust you should ask the trustee for a copy so that you can review the terms.
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.
