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The property must be conveyed by a 'trustee's deed'. For example, the grantor on the deed should be stated as Robert Smith as Trustee of the Smith Family Trust as set forth in a Declaration of Trust dated November 12, 2005. A Trustee's Certificate to accompany the deed is required in most jurisdictions. The certificate must identify the trust and trustee and certify the trustee knows of no amendments or changes to the trust, that he is the sole trustee with power to sell real estate and the trust has not been terminated.
What else can I help you with?
Will the trustee take the remainder of a settlement after you pay off bankruptcy?
The Trustee keeps anything that is not exempt. If your settlement is part of the bk, and is not exempt, it will be used to pay off your creditors.
When a trustor is established does a trustor have the ability to change the trustee in a deed of trust?
A trust is established by a Declaration of Trust. The trustee is the person appointed to hold title to and manage the trust property. The declaration contains all the powers of the trustee and the provisions of the trust. You must review it to determine if and how the trustee can be terminated and a new trustee appointed.
Is a trustee required to use 'trustee' as a part of his signature?
Yes. A trustee must always declare that she is signing a document in her capacity as a trustee. If not, the validity of the document will be compromised by signing as an individual with no reference to her office as trustee.
Can a trustee in a chapter 7 bankruptcy filed prior to 2005 force a settlement of a personal injury lawsuit?
The bankrutpcy court can take jurisdiction of almost any case, and the trustee can decide if the settlement is fair. If it is for the benefit of the BK estate, the lawsuit is part of the assets he controls.
Can you receieved a large settlement payment after you are discharged from a chapter 13 bankruptcy?
You can, but you may have to turn it over to the trustee if you did not list the claim in your list of assets and your Statement of Financial Affairs. If the trustee abandoned the claim, the settlement is yours. If you failed to list it, not only can you lose the settlement, you may be subject to federal criminal charges for lying on your bankruptcy forms, which you signed under oath.
Who were the leaders of the Georgia colony?
James Oglethorpe was a trustee sent from England to this settlement for worthy criminals. R u sure??
What is the time frame within which a trustee in California is required to distribute assets?
In California, a trustee is generally required to distribute assets to beneficiaries within a reasonable time frame, which is typically within 18 months after the death of the trustor or settlor.
Can you be a trust trustee without signing a legal document?
No, you cannot be a trustee of a trust without signing a legal document. A trust is established through a legal instrument, typically called a trust agreement or declaration of trust, which outlines the roles and responsibilities of the trustee. This document must be signed to formalize the trustee's acceptance of their duties and obligations. Without this signed agreement, there is no legal basis for the trustee's authority.
What happens to a trustee that abuses a trust?
Trustees who abuse a trust may face legal action, removal from their position as trustee, and potentially be required to repay any misused funds. The beneficiaries of the trust can take legal action to hold the trustee accountable for their actions.
What if a trustee of an irrevocable trust is not being truthful about funds being spent can the trustee be removed?
The trustee should be required to file an account every year that can be reviewed by the beneficiaries of the trust. They have an interest in both the trust property and that the trustee not waste, misuse or steal any of the trust assets. If the trustee is being secretive then the trust should be reviewed for any provision that address the removal of the trustee and the appointment of a successor. If there are no such provisions IN the trust document, a petition should be brought to a court of equity. A judge can appoint a new trustee. Any trustee who refuses to be accountable to the beneficiaries is not "trustworthy".
What are the steps to substitute a trustee?
To substitute a trustee, first, review the trust document to identify the procedure for appointing a new trustee. Next, obtain consent from the current trustee, if required, and ensure any successor trustee meets the qualifications outlined in the trust. Then, execute a formal document, such as a trustee resignation and acceptance of appointment, and notify relevant parties, including beneficiaries and financial institutions. Finally, update any necessary records to reflect the change in trusteeship.
You have file personal chapter 7 bankruptcy in Dec 09 and due to receive a settlement check for a diminished value automobile claim from March of 2007. Does the Trustee get to keep the proceeds?
Unless you claimed the proceeds as exempt when you filed, the trustee gets the money.
