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A trustor and trustee are two different entities.
A trustor is the entity that executes a Declaration of Trust that includes all the provisions that govern the trust. The trustee is the entity or person who is appointed to manage the trust property. There should be a provision in the trust that provides instructions for the appointment of a successor trustee.
What else can I help you with?
Is it mandatory for trustee to sell principal residence?
If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.
Is the banklender the trustee trustor or beneficiary?
The lender is the beneficiary. The borrower is the trustor and the third party working for the lender is the trustee.
In a Trust what is the Trustee and Trustor?
The trustor is the person who executes the trust and transfers their property to the trustee. Since a trust cannot act for itself, the trustee is the entity named by the trustor to manage the property held by the trust. The trustee holds title to the trust property.
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.
How does a successor trustee distribute the trustors personal belongings?
A successor trustee will distribute the trustor's personal belongings as dictated by the will and testament. This means that the successor trustee is bound by the same legal obligations as the original trustee.
What are the administrative duties of trustee after trustor dies?
You need to review the terms and provisions of the trust for your instructions.
Does trustor hold title in a deed of trust?
No, the trustor does not hold title in a deed of trust. In a deed of trust, the trustor is the borrower who transfers legal title of the property to a trustee, who holds it on behalf of the lender (beneficiary) until the loan is paid off. The trustor retains equitable title and the right to use and occupy the property.
How do you find out who the executor is of a revocable trust is?
A revocable trust has a trustee not an executor. If you want to know something about the trust you would need to ask the trustor. The trustor is the person who created the trust to hold title to their property.
What is the difference between a Trustee and a Trustor of property?
to get a basic concept between the difference of these two, there are basically three basic individuals involved in a trust. The trustor, the Trustee, and the beneficiary. The easiest way to understand this is by illustration. Trustor-------------------->Trustee----------------------->Beneficiary gives $ or property manages $ or property receives $ or use of property As an example, Anne (trustor or donor) wants to give $100,000 to her daughter Marie (the beneficiary), but does not want her to have access all of the money at once. Therefore, she gives the money to Hillary (the trustee) and tells her to only pay her daughter Marie 10,000 per year, over the next ten years. Now there would of course be other variables within this example such as management fees the trustor would charge, as well as accrued interest since the money would be held in a trust fund, but I'm trying to give a simple answer to a simple question.
What are the trustee's duties after the death of the trustor?
After the death of the trustor, the trustee has several key duties, including managing and distributing the trust assets according to the terms outlined in the trust document. The trustee must also ensure that all debts, taxes, and expenses related to the trust are settled before making distributions to beneficiaries. Additionally, the trustee must communicate with beneficiaries, providing them with information regarding the trust's status and any relevant financial details. Lastly, the trustee is responsible for maintaining accurate records and adhering to legal and fiduciary responsibilities throughout the administration of the trust.
What is a deed of trust and how does it work?
It is evidence of a mortgage loan secured by a promissory note. It includes three parties: a trustor, a trustee and a beneficiary for it to be valide.
How can you find out if your trustee is taking monies from the trust account?
There should always be provisions that the trustee must provide periodic accountings to the trustor and the beneficiaries. There should be at least annual accountings where the trustee must account for every cent coming into the trust and every cent going out. If the trustee refuses then you should petition the court to compel the trustee to provide an accounting ASAP.
