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Yes, beneficiaries can seek to remove trustees under certain circumstances, such as breach of fiduciary duty, misconduct, or failure to act in the best interest of the trust. The process typically involves petitioning a court to evaluate the trustee's actions. However, the specific grounds and procedures for removal can vary based on jurisdiction and the terms of the trust agreement. It's advisable for beneficiaries to consult legal counsel to navigate this process effectively.
What else can I help you with?
How do you find people named in a trust?
The only public information about many types of trusts is the names of the trustees, not the beneficiaries. You would need to provide some reason for the trustees to release this type of information to you.
What responsibilities do the new plan trustees of a retirement fund have in managing the assets and ensuring the financial security of the beneficiaries?
The new plan trustees of a retirement fund have the responsibility to manage the assets wisely, make informed investment decisions, and ensure the financial security of the beneficiaries by following fiduciary duties and acting in the best interest of the fund's participants.
What is the purpose of a business trust?
A business trust is a commercial business organization run by a trustee or group of trustees. Their main purpose is for the trust to manage or administer the business for the benefit of non trustees or beneficiaries who hold an equal interest in that business.
Do irrevocable trust trustees need to provide notice to beneficiaries when selling real property or dividing trust?
You need to review the provisions of any particular trust in order to find your answer. Each trust is managed according to the provisions chosen by the person who created the trust. Many trustees can only act at the direction of the beneficiaries. You need to look for that language in each trust document.
Can beneficiaries to a trust act jointly and severally?
The beneficiaries of a trust are not usually the "actors". Acting jointly or severally generally pertains to entities that perform the same functions such as trustees. A trust can provide that the trustees can act jointly or severally. That means, one trustee can take any action allowed by the provisions of the trust without the consent of the other trustee. You need to add more details regarding how you think "jointly and severally" would apply to beneficiaries.
What are some benefits to putting a deed into a trust?
A trust deed is a document that lists all the beneficiaries and rules for how the trust is managed and how the trustees can distribute everything that is in that trust, which also includes who and when they get it.
Do the surviving two trustees need to appoint a new third trustee when one trustee has died and they don't agree and can the beneficiaries force them to appoint a third trustee?
You need to review the document that created the trust. It should contain instructions regarding the appointment of successor trustees. The trustees and beneficiaries may only exercise the powers set forth in the trust document. If this issue is not addressed in the trust document then perhaps the trustees can draft an amendment that would allow the appointment of a successor trustee. Of course, the power for the trustees to amend the trust would have to be recited in the trust document. If the trust document is poorly drafted and does not contain the answers then the matter may need to be brought before a court of jurisdiction. You should seek the advice of an attorney who specializes in trust law to help solve your dilemma.
Can two people be the trustor of a trust?
No, typically there is only one trustor or settlor who creates the trust. Multiple individuals can be beneficiaries or trustees of a trust, but only one person establishes the trust and transfers assets into it.
There are 3 trustees to mothers trust Two including myself want to sell going off the appraisal the other beneficiaries also do But the third trustee does not What can you do as a trustee also?
the matter can be referred to a court for advice and directions.
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 the plural possessive of trustees?
The possessive form of the plural noun trustees is trustees'.
What does it mean to be trustee of a will?
Being a trustee of a will means that you are responsible for managing and distributing the assets of the estate according to the terms outlined in the will. Trustees have a legal obligation to act in the best interests of the beneficiaries and must follow the instructions outlined in the will faithfully.
