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How long does a trustee have to distribute final payment to beneficiaries after expenses are all paid?
Here in AZ. The first meeting we were given copy of trust and the deed to what was stated ours. No list of assets, only residual interest given to (sibling> Trustee & beneficiary Not any revelation as to money, gold, properties, insurance. Nothing, then "G. D." (Gold Digger) was gone. G. D. Has more than enough to pay. No debt.
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Who pays when a transfer is complete trustee or beneficiary?
In a completed transfer, the payment typically comes from the trust's assets, which are managed by the trustee. The trustee is responsible for ensuring that the terms of the trust are fulfilled, including making distributions to beneficiaries as specified in the trust document. Therefore, it is ultimately the trust that pays, not the trustee or beneficiary personally.
How does an executor of a living trust get paid?
An executor of a living trust, often referred to as a trustee, is typically compensated through a fee outlined in the trust documents. This fee can be a percentage of the trust's assets, an hourly rate, or a flat fee, depending on the trust's terms. If the trust does not specify compensation, the trustee may negotiate payment with the beneficiaries or follow state laws regarding reasonable compensation for trustees. It's important for the trustee to maintain transparency with beneficiaries regarding their fees.
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 a trustee also be the beneficiary?
Yes, a trustee can also be a beneficiary of a trust. However, this arrangement can lead to potential conflicts of interest, as the trustee is responsible for managing the trust assets in the best interest of all beneficiaries. It's important to ensure that the trust document clearly outlines the trustee's responsibilities and the rights of all beneficiaries to avoid any legal complications. Consulting with a legal professional is advisable when structuring such trusts.
Can a trustee change the financial make up of the irrevocable generation skipping trust for the benefit of only one beneficiaries?
The trustee has only the power that is set forth in the trust document. You should review the trust document to determine if that specific power was granted to the trustee.
How long does it take to get final distribution payment from trustee of will after all expenses have been paid?
The time it takes to receive the final distribution payment from the trustee of a will can vary significantly, typically ranging from a few months to over a year. Factors influencing this timeline include the complexity of the estate, any disputes among beneficiaries, and the efficiency of the probate court process. Once all debts and expenses are settled, the trustee usually distributes assets within a few weeks to a few months, depending on the circumstances. It's advisable for beneficiaries to maintain communication with the trustee for updates.
Can the trustee of a will give items of the estate to non beneficiaries and refuse an interim distribution to the stated beneficiaries?
The trustee under a will MUST distribute the estate according to the provisions in the will. The trustee does NOT have the authority to make gifts to non-beneficiaries unless that power was granted in the testamentary trust. The trustee should be reported to the court that appointed her/him for mishandling their authority and the estate. You should ask the court to appoint a successor trustee.
What is the time frame within which a trustee in California is required to distribute assets?
In California, a trustee is generally required to distribute assets to beneficiaries within a reasonable time frame, which is typically within 18 months after the death of the trustor or settlor.
Who pays when a transfer is complete trustee or beneficiary?
In a completed transfer, the payment typically comes from the trust's assets, which are managed by the trustee. The trustee is responsible for ensuring that the terms of the trust are fulfilled, including making distributions to beneficiaries as specified in the trust document. Therefore, it is ultimately the trust that pays, not the trustee or beneficiary personally.
What is the difference between a trustee and an agent on a trust?
A trustee is the person who takes care of all the properties of the trust for the benefit of the beneficiaries. An agent on a trust is a third party that takes care of the trust on behalf of the beneficiaries.
What is a spray trust?
A "spray trust" or "sprinkle trust" is created when the settlor gives the trustee discretion to pay income out of the trust to any of the beneficiaries of the trust as their needs appear. Thus the trustee has discretion to "spray" the income among the various beneficiaries. The trustee has a fiduciary duty to inquire as the the beneficiaries finances to assure the trustee's standard of living can be maintained.
Does a trustee get all the money in a trust?
No. The trustee has the power and authority to handle the money in the trust according to the terms set forth in the trust. The trustee must distribute the profits as provided in the trust and must distribute the remaining trust property when the trust terminates according to the provisions in the trust. The trust may also provide compensation for the trustee.
How does a successor trustee distribute the trustors personal belongings?
A successor trustee will distribute the trustor's personal belongings as dictated by the will and testament. This means that the successor trustee is bound by the same legal obligations as the original trustee.
How do beneficiaries get a report from the trustee?
In writing, ask the trustee for a full accounting of the trust's activity. By law you are entitled to these documents from the trustee when requested.
How long can a trustee of a trust keep information from beneficiaries after the death of the owner of trust?
The trustee shouldn't keep any information from the beneficiaries. They should contact the trustee by a registered letter and ask to review a copy of the trust. Since they are the beneficiaries they have a right to review the trust to make certain the trustee is following the terms of the trust. They should also request an accounting of the trust assets. If the trustee doesn't cooperate the beneficiaries can seek a court order. Situations involving trusts can be very complicated. The beneficiaries should seek advice from an attorney who specializes in trusts and probate law.
Does executor of a trust have to let the beneficiaries of the trust monitor their activities?
Of course they do. The beneficiaries are entitled to an annual accounting and they should monitor the trustee closely. A trustee has sweeping powers over the trust property and it is easy for a dishonest trustee to convert that property to their own use. Every state has laws that govern trustees. Any trustee who resists providing a record of their actions to the beneficiaries should be brought to court. The court can compel the trustee to file an account and the court can remove the trustee if they fail to act responsibly.Of course they do. The beneficiaries are entitled to an annual accounting and they should monitor the trustee closely. A trustee has sweeping powers over the trust property and it is easy for a dishonest trustee to convert that property to their own use. Every state has laws that govern trustees. Any trustee who resists providing a record of their actions to the beneficiaries should be brought to court. The court can compel the trustee to file an account and the court can remove the trustee if they fail to act responsibly.Of course they do. The beneficiaries are entitled to an annual accounting and they should monitor the trustee closely. A trustee has sweeping powers over the trust property and it is easy for a dishonest trustee to convert that property to their own use. Every state has laws that govern trustees. Any trustee who resists providing a record of their actions to the beneficiaries should be brought to court. The court can compel the trustee to file an account and the court can remove the trustee if they fail to act responsibly.Of course they do. The beneficiaries are entitled to an annual accounting and they should monitor the trustee closely. A trustee has sweeping powers over the trust property and it is easy for a dishonest trustee to convert that property to their own use. Every state has laws that govern trustees. Any trustee who resists providing a record of their actions to the beneficiaries should be brought to court. The court can compel the trustee to file an account and the court can remove the trustee if they fail to act responsibly.
What are the trustee's duties after the death of the trustor?
After the death of the trustor, the trustee has several key duties, including managing and distributing the trust assets according to the terms outlined in the trust document. The trustee must also ensure that all debts, taxes, and expenses related to the trust are settled before making distributions to beneficiaries. Additionally, the trustee must communicate with beneficiaries, providing them with information regarding the trust's status and any relevant financial details. Lastly, the trustee is responsible for maintaining accurate records and adhering to legal and fiduciary responsibilities throughout the administration of the trust.
