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A person should not be the sole trustee and the sole beneficiary. That arrangement may not constitute a valid trust and the trust property would be vulnerable to creditors and taxes.
Trust law is one of the most complex areas of law. Many trusts drafted by lawyers are invalid. More trusts drafted by non-legal-professionals (such as Accountants) or created by fill-in forms (purchased online) are invalid. You should always have a trust drafted by a local attorney who specializes in trust and tax law in your jurisdiction and who has a good reputation.
The short answer is yes, but you would never want to do this. In a Land Trust situation you would be giving up the anonymity benefits AND a judge reviewing the trust would invalidate it because of a "merging of interests" between the Trustee and Beneficiary.
Randy Hughes
What else can I help you with?
What action do the beneficiary's of a land trust need to do when the trustee dies?
Determine who is the successor trustee
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 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
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 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.
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.
How do you transfer trusted land into the beneficiary?
You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.
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.
Who pay the trustee?
its a trust or a beneficiary.
Is there a simple way to to change a trustee of a land trust in KY if the land trust gives authority to the beneficiaries and I am the only beneficiary?
You must look to the trust document to determine how you make a change in the trustee. You must follow the provisions in the trust.
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.
Can a trustee sue a Beneficiary of a trust?
Since a beneficiary has no fiduciary responsibility to the trustee it is unlikely the trustee would encounter a situation where she would need to sue a beneficiary unless perhaps the beneficiary had stolen or damaged trust property. In that case a suit could be brought in the appropriate court. More common are suits by the beneficiaries against the trustee.
