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Can the trustee of a will give items of the estate to non beneficiaries and refuse an interim distribution to the stated beneficiaries?
The trustee under a will MUST distribute the estate according to the provisions in the will. The trustee does NOT have the authority to make gifts to non-beneficiaries unless that power was granted in the testamentary trust. The trustee should be reported to the court that appointed her/him for mishandling their authority and the estate. You should ask the court to appoint a successor trustee.
What else can I help you with?
Explain Interim distribution of estate funds?
interim distribution
Can an estate gift money to beneficiaries?
Yes, an estate can gift money to beneficiaries through a will or trust as part of the distribution of assets after the owner's death.
Can a trustee of an estate be challenged by a benificiary?
Yes trustee of an estate can be challenged by a beneficiary. When acting as the trustee you have to deal with not only people but also money you may worry more about the money part but really you have to worry about the people because it can be more challenging. Been a trustee can be easier if you have cordial dealings with truthful beneficiaries.
Is an executor of a will in Queensland a Trustee?
Yes, an executor of a will in Queensland is also considered a trustee. The executor's role includes managing the deceased's estate and distributing assets to the beneficiaries in accordance with the terms of the will, which involves acting in a fiduciary capacity similar to that of a trustee.
Is land sold need to be reported on taxes from an estate?
Yes someone is supposed to report the sale of the land from the estate and if pay any income taxes that may be due on the sale of the land from the estate. The trustee or administrator of the estate or the beneficiaries of the estate.
What can you do if an irrevocable trust was left to 5 beneficiaries and one tries to sale the property without the knowledge of others?
The title to property in a trust is in the name of the trustee. Only the trustee has the authority to sell the trust property. A sale by one of the beneficiaries would be void since the beneficiaries do not have title to the property. If the property is real estate, a deed from one of the beneficiaries would not convey the property and would not be acceptable to the buyer. The deed must be executed by the trustee as set forth in the trust instrument.
After probate has been granted do you have to wait for the property to be sold before you can distribute any money from the deceased bank account to beneficiaries?
In the UK: No. If you are confident no claims will be made against the estate and or you have waited the statutory period before distribution then you can make an interim distribution. It is wise to hold some funds back however in case the house does not sell for a long period of time and estate funds are needed for repairs
Can estate be settled if property hasn't sold?
It is possible to settle an estate without selling property. As long as the distribution is approved by the court, the property can be transferred to the beneficiaries.
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.
Can the trustee of the estate patition the courts to forgive debt that was owed to the estate?
That would be a part of the distribution plan. If there are assets in the estate, they will not be forgiven. And the heirs don't get anything if there are debts still owed.
Are trust distributions taxable to the beneficiary?
Trust and Estate Income Distribution Deduction Taxable income earned by a trust or estate is taxable either to the trust or estate or to its beneficiaries but not to both. The trust or estate is allowed an income distribution deduction for income taxed to the beneficiaries. Beneficiaries receive Schedule K-1 informing them of the amount and types of income to include on their individual tax returns. Income passed through to the beneficiaries retains its original character (interest, dividends, capital gains, etc.). The income distribution deduction is the LESSER of: • Distributions less tax-exempt income included in distribution, or • Distributable net income less tax-exempt interest. Check here for more information: http://www.1041accountant.com/index.htm
What does TTEE mean in a real estate transaction in Florida?
In Florida real estate transactions, TTEE stands for "Trustee." It refers to a party that holds legal title to property on behalf of a trust. The trustee manages the property according to the terms of the trust agreement, ensuring that the beneficiaries receive their entitled benefits. This designation is often included in legal documents to clarify the role of the trustee in the transaction.
