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What else can I help you with?
Can the trustee and beneficiary be the same person in case of private trust?
If there is (1) more than one trustee; and, (2) the trustee-beneficiary cannot act as trustee unilaterally; and (3) the other trustee is not a beneficiary of the trust, yes. If the the trustee is also designated the beneficiary, the trust fails as illusory.
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.
Can the same person be both the beneficiary and the trustee of a blind trust?
No. The trustee has full control over the assets in the trust. In a 'blind trust' the trustee must be completely independent. If the beneficiary is the trustee then the trustee is not completely independent.
Can you be the sole trustee and sole beneficiary of a trust?
Yes, it is possible to be the sole trustee and sole beneficiary of a trust.
Is the banklender the trustee trustor or beneficiary?
The lender is the beneficiary. The borrower is the trustor and the third party working for the lender is the trustee.
What action do the beneficiary's of a land trust need to do when the trustee dies?
Determine who is the successor trustee
When a trustee dies does the beneficiary of the trust get notified of what is in the trust?
Not necessarily, another trustee will be appointed.
Who pay the trustee?
its a trust or a beneficiary.
How long does a person remain a trustee for a beneficiary?
The duration of a person's role as a trustee for a beneficiary can vary. It can be outlined in a trust document or decided by the terms of the trust. In some cases, a trustee may serve until the trust is terminated or until a successor trustee takes over.
Can a trustee legally sue a beneficiary in a trust dispute?
Yes, a trustee can legally sue a beneficiary in a trust dispute if there is a valid reason for the lawsuit, such as breach of trust or misconduct by the beneficiary.
Can beneficiary of trust tell a trustee what to do?
They most certainly may not! The entire purpose of the trust is to prevent the beneficiary from controlling the trust. The responsibility lies with the trustee to maintain the trust as it was set up. Actually, it depends on what kind of a trust is involved. For example, a Land Trust is beneficiary driven....meaning the beneficiary tells the Trustee what to do by letter of direction. Most all other types of trusts are Trustee driven and decisions are made by the Trustee. Randy Hughes
What is the meaning of fudiciary?
Fiduciary is essentially a trustee. It relates to the relationship between a trustee and a beneficiary when a trust is involved.
