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What would you think if a trustee asks you to sign away your rights to a trust so he can reinvest the money?
A person with assets sometimes decides to set aside some of those assets in a trust that will pay over the profits, or assets for the use and benefit of another person. A trustee is appointed to act in regards to the trust property. Generally, the power to reinvest the trust property is included in the powers of the trustee. A beneficiary would not be required to sign away rights as a beneficiary so the trust funds could be reinvested.
The beneficiary is someone the donor cares about. The trust instrument, written by the donor, directs what the trustee may do with the trust property and how the payments must be made to the beneficiary. The trustee MUST follow the provisions of the trust unless the trust instrument allows her/him to use discretion.
To your question: It raises suspicion that the trustee has asked that you "sign away your rights in the trust".
You should seek the advice of an attorney who could review the trust and the actions of the trustee and advise you on how you should proceed in order to protect your interests as a beneficiary. Until then, sign nothing.
What else can I help you with?
Will the bankruptcy trustee take all of your tax return refund?
I think it depends on when the bankruptcy is discharged, but it would be discussed at your meeting with the creditors and the trustee. If it wasn't discussed, then the refund is yours.
How long does an executor of a trust have to disburse the money to an heir?
An executor is the term used for the person who has been appointed by a court to settle an estate. The person who can act for a trust is called the trustee. You should review the terms of the trust for provisions as to when the trust property must be distributed. If you think the trustee is not distributing the funds in a timely manner you should file a complaint with the court where the estate or trust was filed.
Is it possible to get a mortgage loan in the name of a Revocable Trust where the original trustee has died and the trust says that it now reverts to an irrevocable trust?
There should be a provision in the trust for the appointment of a successor trustee. A trust cannot act, it needs a trustee (think human being) to act for it. The new trustee can apply for the mortgage. The bank will want to review the trust to make certain that the trust is valid and the title to the real property is in the trust.For example, the mortgagor would be Kathryn Stewart, as trustee of the Norwattuck Mountain Trust. Any real property conveyed to the trust should be conveyed to the trustee as stated above.
What is the breach of a contract mortgage by lender?
Your mortgage contract has a clause like this:23. Reconveyance: Upon payment of all sums secured by this Security Instrument, Lender shall request Trustee to reconvey the Property and shall surrender this Security Instrument and all notes evidencing debt secured by this Security Instrument to Trustee. Trustee shall reconvey the Property without warranty to the person or persons legally entitled to it.When the mortgage originator sold your note did he do his duty and request the Trustee to reconvey the Property and surrender this Security Instrument and all notes evidencing debt secured by this Security Instrument to Trustee?I don't think so!This is a black and white breach of contract.
Can you buy a house for no money?
I don't think that you can't buy a house without money.
If you file a chapter 7 bankruptcy and disclose a pending lawsuit on your chapter 7. If the debt has been discharged can the trustee come back after the money 2 years later?
We are assuming you mean that YOU had a pending lawsuit against someone? if so, then the answer is likely yes. Disclosing it the suit is correct. If it is a viable suit then the bankruptcy trustee steps in your shoes and sues on your behalf and any money recovered goes to the benefit of your estate (your creditors) What likely happened is that the trustee identified the suit as an asset. If so, an asset bankruptcy case will not close (even though you got your discharge) until that asset has been administered. Standard disclaimer here. If you had an attorney, call her. This is a tricky area and you need to be aware of your rights and the rules. If the trustee did not think it was a valuable asset and abandoned that asset, then you may be able to keep the money. This is a big if. Contact your attorney. And follow and requests that the trustee has provided you.
Why do you think service-producing industries are growing faster than goods-producing industries?
Service producing industries are growing faster because they have a lower overhead. With a lower overhead, they can reinvest the excess money.
Where does the trustee do with the money?
Try to pay YOUR debts and handle YOUR finances. What did you think? Ever read your filing? THAT IS WHAT YOU BEGGED THE COURT TO DO ...... Your sworn words...not mine. Doofus.
Can a trustee of an irrevocable trust deny access to the beneficiaries of property included in the trust?
Generally, yes. The purpose of a trust is to transfer title to the property to the trustee. The trustee manages the property according to the provisions in the trust. The beneficiaries do not "have access" to the trust property only the proceeds therefrom as set forth in the trust instrument. Any and all powers and obligations the trustee has should be explained in the trust instrument. You should obtain a copy to help you understand what they trustee can do and what your rights are as a beneficiary. If you think the trustee is acting in conflict with the trust you could contact an attorney in your area for advice and options available to you.
What did mlk do with his Nobel Peace Prize money?
he donated it to the civil rights movement. the money was about 54,000 dollars i think
How can you address misappropriation of your inheritence by a private bankruptcy trustee?
Your case is handled by a court, with a judge. The trustee is essentially on that staff. Better get your facts and laws straight. Its a serious accusation your bringing. The Trustee is actually working on your behalf to pay YOUR bills....if that's where the money went...to pay your debts, not to his benefit....he probably just did what he was supposed to. But what do you think should be legally done with the money you received other than pay those you owe and swore you would pay?
What if you earned less money when you filed for bankruptcy but before you get a discharge you get a raise and make a lot more than you were making?
Technically you should inform your trustee or the court that you received the raise so they can adjust the figures. I think it depends on the trustee on whether or not they continually check your financial satus.
If you come into a large sum of money after you file for Chapter 13 bankruptcy are you liable to tell the trustee about it?
This is tricky but can be answered easily. All depends on wether trustee has access to your Income tax report. if he\she doesn't, then they probably won't be the wiser and my suggestion would be don't tell them, hide it in a sock or under your pillow. Be careful about depositing the money b\c the trustee may be able to see current balances and have acces. In conclusion, I don't think the trustee will be doing these types of things unless you stop monthly payments to them in a structured repayment that has already been put in place. But you could use the money to repay percentage required by trustee. After all there not asking you to repay 100% are they? Only a small percent. Pay it off and be done with it. Tell them you borrowed the money from a relative.
Can a trustee change the distribution of a trust after the other trustee dies?
No. Not unless that power was granted in the provisions of the trust. The only powers a trustee has are those specifically recited in the instrument that created the trust. Any changes not allowed by the provisions in the trust must be made by a court.
What do you win in mantracker?
Bragging rights not money. its just for fun. ps. i think it is a great show.
Can the surviving parent of a child challenge a life insurance policy that names someone else as trustee of their child's life insurance money?
== == Probably not. Maybe there is a reason someone else was named as trustee I think you can challenge it in court. If you can prove that the named beneficiary doesn't have the interest of child at heart. It is worth a try. The correct answer is NO. A life insurance policy is a contract and the contract will uphold in court. The only person who can change the benficiary is the owner or possibly the current trustee if they no longer wished to be trustee. <---Period!
Will the bankruptcy trustee take all of your tax return refund?
I think it depends on when the bankruptcy is discharged, but it would be discussed at your meeting with the creditors and the trustee. If it wasn't discussed, then the refund is yours.
