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Do the beneficiaries of a trust have a say as to what happens in the trust?
That will depend on how the trust is written. In most cases the beneficiaries have no say in how the trust is distributed.
What happens when a trust has 100 beneficiaries?
The trust gets divided into 100 equal parts and given to the beneficiaries.
When the beneficiary dies does the trustee then own the property in the trust?
No. The trust specifies what happens if the beneficiaries are no longer living. It could go to the beneficiaries' estates, or a remainder man, or to a charity. It is possible for the person who set up the trust to leave it to the trustee.
What if beneficiaries of a trust want to remove a beneficiary from a revocable trust?
You need to review the trust document to determine whether the beneficiaries have that power and how it must be exercised.
Is a beneficiary required to accept any form of payment the trustee mandates from an trust?
You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.
How many beneficiaries can a trust have?
Unlimited.
What is special about a charitable remainder trust compared to a normal charity?
A charitable trust is often set up as part of a will and testament of death, and dictates that initially the estate goes to charity, followed by beneficiaries. A charitable remainder trust means the beneficiaries take first, and charities end up with the remainder that is left (as in the name!)
Can changes be made to beneficiaries in a revocable trust that was originally prepared by an attorney?
Changes can be made to beneficiaries in a revocable trust that was originally prepared by an attorney. In a revocable trust, you can legally change the terms and end the trust at anytime before death.
Can someone sue the beneficiary of a living trust for assets owned by the trust?
No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.
What is a spray trust?
A "spray trust" or "sprinkle trust" is created when the settlor gives the trustee discretion to pay income out of the trust to any of the beneficiaries of the trust as their needs appear. Thus the trustee has discretion to "spray" the income among the various beneficiaries. The trustee has a fiduciary duty to inquire as the the beneficiaries finances to assure the trustee's standard of living can be maintained.
How long can a trustee of a trust keep information from beneficiaries after the death of the owner of trust?
The trustee shouldn't keep any information from the beneficiaries. They should contact the trustee by a registered letter and ask to review a copy of the trust. Since they are the beneficiaries they have a right to review the trust to make certain the trustee is following the terms of the trust. They should also request an accounting of the trust assets. If the trustee doesn't cooperate the beneficiaries can seek a court order. Situations involving trusts can be very complicated. The beneficiaries should seek advice from an attorney who specializes in trusts and probate law.
Must a person have contractual capacity to be a beneficiary of a trust?
Answer: Minors may be beneficiaries of a trust.
