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What is the difference between a trustee and a successor trustee of an irrevocable trust?
The trustee is the person who presently has the authority to carry on the business of the trust. If the trustee dies, resigns or is for some reason unable to continue their duties then a successor trustee is appointed. A well drafted trust will name a successor trustee and a process by which successor trustees may be appointed. If the trust instrument fails to provide for the appointment of a successor trustee then a court of equity can be petitioned to make an appointment. Once appointed, the successor trustee has all the powers and duties of the original trustee.
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What are the legal rights for the first successor of an irrevocable trust?
The successor trustee has generally the same rights and powers granted to the original trustee.The successor trustee has generally the same rights and powers granted to the original trustee.The successor trustee has generally the same rights and powers granted to the original trustee.The successor trustee has generally the same rights and powers granted to the original trustee.
My brother recently died and was trustee of an irrevocable mineral rights trust for our family. How do we appoint another trustee?
You need to review the terms of the trust set forth in the declaration of trust and find the section that provides for the appointment of a successor trustee. If there is no provision for the appointment of a successor then you need to get a judge to appoint one.
TrusteeTrustor of irrevocable trust died Successor Trustee you has distributed all trust assets How do you close out the Irrev Trust?
poopy head i think
Who appoints the trustee for the irrevocable trust?
The person who creates the irrevocable trust is the one who appoints the trustee, because it is his or her trust. It is similar to the right of a person to name an executor in a will. The creator of the trust, sometimes called the settlor, has the right to choose a person he trusts (hence the name "trustee") to handle the property in the trust and to carry out the terms of the trust. In the event that the trustee(s) named in the trust instrument are unable for any reason to perform their duties, the named successor trustee will assume the duties. If no successor is named the probate court can appoint one.
What if a trustee dies and the property in trust is under loan?
You must review the terms of the trust to determine how a successor trustee can be appointed. The successor can take over the duties of the trustee.You must review the terms of the trust to determine how a successor trustee can be appointed. The successor can take over the duties of the trustee.You must review the terms of the trust to determine how a successor trustee can be appointed. The successor can take over the duties of the trustee.You must review the terms of the trust to determine how a successor trustee can be appointed. The successor can take over the duties of 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.
What if the trustee breached her fiduciary duties and was steatling out of the trust can that irrevocable trust be changed by the grantor?
Unless the trust has provisions for removal of a trustee then an interested party would need to bring an equity petition to the appropriate court to have the trustee removed and a successor appointed. If there is a substantial amount of money involved you should seek the advice of an attorney and file your petition ASAP.
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.
How do change a disinterested trustee in a irrevocable trust?
The identity of successor trustees and the procedure for succession will be plainly specified in the provisions of the trust instrument. Judicial involvement would be necessary for naming a successor trustee or a procedure thereto beyond the terms of the trust instrument. Citing the lack of a disinterested trustee would be a valid basis for petitioning a court to change the identity of a successor trustee beyond the operation of the terms of the instrument, but the court's question would be why was the individual thought likely or even certain to be disinterested when the trust instrument was originally drafted.
Is living out of town a valid reason for the successor trustee to have the second successor trustee to act in their place?
It depends on the provisions of the trust. If the trust provides that the trustee in office can delegate their authority the procedure for doing so must be followed. A second "successor trustee" doesn't take office until the first successor trustee can no longer act. While the first successor trustee is in office the second named successor has no power. You need to review the trust with an attorney in order to understand its terms and the powers of the trustee.
Can a Registered Representative be a trustee of a irrevocable trust?
yes
What is the difference between the trustee and the fiduciary of a trust?
fiduciary and trustee
