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How do you administer a living trust?
A trust is managed by a trustee who is named in the document that creates the trust. The trustee has full control of the trust property and manages the trust according to the provisions set forth in the trust document. A trust should be drafted by an attorney who specializes in trust laws in your state.
Can a name be added to living trust property?
No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.
What is an independent trustee?
An independent trustee is an entity who is completely independent of the parties to the trust, not a relative. For example, an accountant, attorney or the trust department of a bank would be an independent trustee.An independent trustee is an entity who is completely independent of the parties to the trust, not a relative. For example, an accountant, attorney or the trust department of a bank would be an independent trustee.An independent trustee is an entity who is completely independent of the parties to the trust, not a relative. For example, an accountant, attorney or the trust department of a bank would be an independent trustee.An independent trustee is an entity who is completely independent of the parties to the trust, not a relative. For example, an accountant, attorney or the trust department of a bank would be an independent trustee.
Can a trustee appoint someone to act on his behalf as trustee of the trust by signing a power of attorney?
No, they are two different things. A trustee administers a trust and has a fudiciary duty to maintain it as specified by the trust. A power of attorney is someone that is representing another person.
What is the responsibility of a trustee in a living trust?
The responsibilities of any trustee are set forth in the trust instrument. A trust should always be drafted by an attorney who specializes in trust law and tax law and who will set the provisions of the trust to meet the needs of the trustor. The powers and responsibilities of the trustee(s) are set forth in the trust instrument and they have no other powers.
How long should a beneficiary of a Trust expect to wait before hearing from the Attorney who is handling the paperwork for the Trust?
Forever. The attorney doesn't represent you. He / she represents the trustee of the trust. The attorney advises the trustee, and probably should advise the trustee to make disclosure to the beneficiaries (unless the trust instrument waives that duty for the trustee). However, the attorney doesn't control the trustee; he / she only advises the trustee. If you want information, you are going to have to ask for it. If you get no response in a reasonable about of time (say 10 days), you may have to demand it and possibly sue for an accounting.
Can you put your real property in the name of a minor as a trustee of a trust?
No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.
What are the responsibilities of an executor of a living trust?
A trust doesn't have an executor. It has a trustee. The trustee manages the trust according to the terms of the trust.
My deceased mother named a trustee on my Grandma's trust and I have power of attorney for my mother Do I become the new trustee?
No you do not. The next person in the list on your Grandmother's trust document steps in as the successor trustee. Powers of attorney are invalid once the principal has died. Your mother's Power of Attorney (which has expired) has nothing to do with your Grandmother's trust.
Can a co trustee buy quit claim property from trust and transfer into own personal trust?
First, a trustee is the trustee of a TRUST. The house may be trust property. The powers of a trustee are set forth in the trust document. If the house is owned by the trust and the trustee has the power to sell real estate then yes, a trustee can convey the house.
How can an adult child get a copy of their deceased parents' living trust when a brother who is the trustee refuses to supply one?
Contact the Attorney or whomever Legally drew up the Trust. * The attorney will not give out such information. If the trustee refuses to supply the beneficiaries with a copy of the trust or the information that is sought, the interested party will need to petition the probate court for a copy of the document.
Who should be the trustee of a living trust husband or wife?
Whoever is trustworthy, honest, realistic, very good at managing money and has good organizational skills would make a good trustee. However, that decision should be discussed with the attorney who drafts the trust for you.
