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In order for there to be an estate, there must be a trustee. You don't have to name one in your will, the court will appoint one. And many banks will serve as a trustee.
In most estates no trust is created and therefore no trustee is appointed. Generally, the only fiduciary needed is an executor (with a will) or administrator (without a will). The court will issue either Letters Testamentary or Letters of Administration and the fiduciary will have the authority to settle the estate.
What else can I help you with?
What checks can be deposited into an estate bank account?
Checks made payable to the Estate, or to the Trustee of the Estate in their capacity as Trustee, and/or to the individual for whom the Estate is named.
What happens to the estate of a trustee if the estate of a trust is insolvent?
The financial situation of the trustee should be irrelevent to the estate. Unless they have been embezzling funds, there isn't any effect.
Can you sell a real estate property titled in trustee after owner dies?
Can you sell a real estate property titled in trustee after mother and father dies
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.
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.
Does the trustee owe the trust money because the real estate market took a plunge?
Generally, no. The decrease was not the result of the actions of the trustee.
What is the appropriate amount for a trustee's fee and what can you do when you suspect the trustee is misusing the trust funds?
It depends, but could be 1% of total estate and you can petition the courts to have the trustee removed if you suspect misusing of funds.
Who puts money into an estate account?
Whoever is the trustee(s) of the trust for the estate is responsible for the account, including putting money in it.
You are the successor trustee of your deceased mother's estate in California Are you responsible for her credit card debt?
No, you are not PERSONALLY liable for your mother's debts. Debts of the deceased are paid from the estate, so as the Trustee for that estate, you would have to see that the debts are paid from the estate. Creditors must file a claim against the estate to be paid, and state laws dictate the time limit for filing such claims.
What are the functions of a trustee?
Generally speaking a Trustee is empowered to settle an estate within the guidelines of the Trust (or will). His / Her, functions are described by the trust documents and can vary to a large degree.
In an intestate estate in Ontario will the bank release funds without a Certificate of Appointment of estate trustee?
Generally, a bank will release the funds of the decedent when a duly appointed Administrator with Letters of Administration visits the bank to close the account. Letters of Administration are now called a Certificate of Appointment of Estate Trustee
