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Will set up a trust but trust was not funded can the executor raid the estate to fund fees for himself as trustee?
No, he cannot. The offices of testamentary trustee and exutor are separate and distinct from one another even if the same person is to serve as both. Compensation for a trustee comes out of the funds in the trust for work done by the trustee on behalf of the trust. If the trust is unfunded, there are no assets out of which to pay fees to the trustee. Also, if the trust is unfunded then the trustee has done nothing to earn any trustee fees. Compensation of trustees and executors is governed by state laws, so it is important to check the laws of the state of probate for the details.
What else can I help you with?
How is a trust funded?
Property that will become trust property must be transferred by the legal owner to the trust. Bank accounts can be reopened in the name of the trust and its trustee. Real property must be transferred by deed from the the record owner to the trustee of the trust. Since a trustee is the agent with the power to act for the trust, real property transfers should be made to the trustee. For example, a deed should recite the grantee in this form: Julia Roberts, as Trustee of the Pretty Woman Realty Trust dated 3/23/1990. Since the trustee will have full power to control the trust property it is essential to choose a trustee whom you have deemed to be completely "trustworthy".
Is the insurance plan self-funded or fully funded?
The insurance plan is self-funded.
What are the differences between self-funded and fully-funded health insurance plans?
Self-funded health insurance plans are funded by the employer or organization offering the plan, while fully-funded health insurance plans are funded by insurance companies. In self-funded plans, the employer assumes the financial risk for providing healthcare benefits, while in fully-funded plans, the insurance company assumes the risk.
What are the key differences between insurance and self-funded healthcare plans?
The key difference between insurance and self-funded healthcare plans is in how they are funded. Insurance plans are funded by premiums paid by individuals or employers, while self-funded plans are funded directly by the employer. In insurance plans, the risk is transferred to the insurance company, while in self-funded plans, the employer assumes the risk.
When Is a real estate transaction complete at closing or at funding?
In MO & KS the transaction must be funded before it is complete. It is also a wise idea to verify it has been recorded in the county correctly to ensure the disposition of the transaction.
What happens to a will if there is insufficient money to meet a bequest?
The answer depends on several factors and state laws vary.The cash gift could be funded by other assets in the estate. If there is property in the residuary estate that could be sold, such as real estate, most jurisdictions would require it to be sold to pay the specific cash bequests. Specific bequests have priority. Some states require the bequests be prorated or reduced in proportion. The executor can request guidance from the court.If there are no assets the estate can be deemed insolventby the court and the executor will not bear responsibility for not paying over bequests.The answer depends on several factors and state laws vary.The cash gift could be funded by other assets in the estate. If there is property in the residuary estate that could be sold, such as real estate, most jurisdictions would require it to be sold to pay the specific cash bequests. Specific bequests have priority. Some states require the bequests be prorated or reduced in proportion. The executor can request guidance from the court.If there are no assets the estate can be deemed insolventby the court and the executor will not bear responsibility for not paying over bequests.The answer depends on several factors and state laws vary.The cash gift could be funded by other assets in the estate. If there is property in the residuary estate that could be sold, such as real estate, most jurisdictions would require it to be sold to pay the specific cash bequests. Specific bequests have priority. Some states require the bequests be prorated or reduced in proportion. The executor can request guidance from the court.If there are no assets the estate can be deemed insolventby the court and the executor will not bear responsibility for not paying over bequests.The answer depends on several factors and state laws vary.The cash gift could be funded by other assets in the estate. If there is property in the residuary estate that could be sold, such as real estate, most jurisdictions would require it to be sold to pay the specific cash bequests. Specific bequests have priority. Some states require the bequests be prorated or reduced in proportion. The executor can request guidance from the court.If there are no assets the estate can be deemed insolventby the court and the executor will not bear responsibility for not paying over bequests.
How was Henry the navigator funded?
he funded himself
How did Cortes get the money for his expeditions expedition?
he funded himself. So he didnt receive money from anybody but himself.
Where did leif ericson get the money for his expedition?
From himself. He funded his own expedition.
If you have guardianship over a person's estate do you own what has been funded into their living trust?
You are just the guardian. You own nothing.
How is a trust funded?
Property that will become trust property must be transferred by the legal owner to the trust. Bank accounts can be reopened in the name of the trust and its trustee. Real property must be transferred by deed from the the record owner to the trustee of the trust. Since a trustee is the agent with the power to act for the trust, real property transfers should be made to the trustee. For example, a deed should recite the grantee in this form: Julia Roberts, as Trustee of the Pretty Woman Realty Trust dated 3/23/1990. Since the trustee will have full power to control the trust property it is essential to choose a trustee whom you have deemed to be completely "trustworthy".
Who funded the discovery of Tutankhamn?
Howard Carter didn't really fund it but he found it himself
What actors and actresses appeared in Badly Funded Think Tank - 2001?
The cast of Badly Funded Think Tank - 2001 includes: Damian Coldwell as Rev alvy ronson Rich Hall as himself Bernard Manning as himself Christian Reilly as Orson carson Mike Wilmot as himself
Do you have to pay back child support if the kids are grown and the ex wife is dead?
If your children are no longer minors then you don't have to pay child support. However, if a written document was set-up previously that you also pay support for a college education then you have to fulfill this obligation. If you ex-wife left you in her Will (doubtful) she should have stipulations as to what the children will receive from the Estate and this too is an obligation and carried out by an Executor (male), Executrix (female.) The back child support is owed to the estate of the ex wife. She funded the children without that support, robbing them ofmoney that should have been in the estate. If I were the attorney representing her estate or the beneficiaries of that estate, I'd be knocking on your door with a court order!
If your daughter is listed as the owner of property in your right to life living trust does she have the authority to decide who will rent the land or do you?
If you created and funded the trust & If your daughter is your 'successor trustee' she normally can not overrule you unless you become incapacitated.
Where does the money for the Pulitzer Prize come from?
The Pulitzer Prize is funded by the Columbia University Graduate School of Journalism, which administers the awards. The endowment that sustains the prizes was established by the Joseph Pulitzer estate in the early 20th century, with additional financial support coming from donations and sponsorships.
Did the king and queen of Spain funded Francisco Pizarro?
Yes, the king and queen of Spain, Ferdinand and Isabella, did not fund Francisco Pizarro. Pizarro was funded by private investors, including himself, for his expeditions to South America.
