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What else can I help you with?
What should i do about a living trust that both the original trustee and the alternate trustee have declined to manage due to hostility between siblings?
A successor trustee must be appointed and the present trustees must be removed. There should be provisions in the trust document that direct how trustees will be appointed and removed. Hopefully, the trustor can appoint a new trustee who is a non-interested party.
Should the word trustee be capitalized?
The word "trustee" should only be capitalized if it is used as part of a formal title preceding a person's name or when referring to a specific organization or title, such as "Trustee Jones" or "Board of Trustees."
Does a trustees next of kin take over on the trustees death?
The document that created the trust should have a provision for the appointment of a successor trustee. You need to review that document. If there was no provision for appointment of a successor trustee you may need to petition the court to make the appointment. You should consult with an attorney.
Can there be two trustees of a revocable trust?
Yes. There are often more than one trustee. The trust should make clear whether any one trustee may exercise the powers of the trustees under the provisions of the trust or if they must act together.
The audit committee will consist of at least three members of the board of trustees and two non-trustee board members. Would you capitalize board of trustee in this sentence?
No, because it is not a proper nou n.
How do you know that a trust document that you have is the last trust agreement?
You should ask the trustee if there have been any amendments or changes in trustees.
Can you add a new name to be a trustee of a property that has been entrusted to some persons?
If property is owned in the name of a trustee of a trust, then the trust agreement controls. The person who established the trust should have created a trust agreement, and in that trust agreement it will state whom the initial trustee is and how successor trustees are named. So, check the trust agreement.
Does executor of a trust have to let the beneficiaries of the trust monitor their activities?
Of course they do. The beneficiaries are entitled to an annual accounting and they should monitor the trustee closely. A trustee has sweeping powers over the trust property and it is easy for a dishonest trustee to convert that property to their own use. Every state has laws that govern trustees. Any trustee who resists providing a record of their actions to the beneficiaries should be brought to court. The court can compel the trustee to file an account and the court can remove the trustee if they fail to act responsibly.Of course they do. The beneficiaries are entitled to an annual accounting and they should monitor the trustee closely. A trustee has sweeping powers over the trust property and it is easy for a dishonest trustee to convert that property to their own use. Every state has laws that govern trustees. Any trustee who resists providing a record of their actions to the beneficiaries should be brought to court. The court can compel the trustee to file an account and the court can remove the trustee if they fail to act responsibly.Of course they do. The beneficiaries are entitled to an annual accounting and they should monitor the trustee closely. A trustee has sweeping powers over the trust property and it is easy for a dishonest trustee to convert that property to their own use. Every state has laws that govern trustees. Any trustee who resists providing a record of their actions to the beneficiaries should be brought to court. The court can compel the trustee to file an account and the court can remove the trustee if they fail to act responsibly.Of course they do. The beneficiaries are entitled to an annual accounting and they should monitor the trustee closely. A trustee has sweeping powers over the trust property and it is easy for a dishonest trustee to convert that property to their own use. Every state has laws that govern trustees. Any trustee who resists providing a record of their actions to the beneficiaries should be brought to court. The court can compel the trustee to file an account and the court can remove the trustee if they fail to act responsibly.
How do you change a trustee?
A trust is managed according to the provisions set forth in the document that created the trust. A properly drafted trust should contain a provision that addresses the removal of a trustee and the appointment of a new trustee. A properly drafted trust will name a successor trustee in the event the trustee dies or resigns or must be removed. If there is no such provision in the trust document then a judge must make the change by a court order. Most state laws require that some good cause be shown why a trustee should be removed. Such cause is shown if the trustee fails to operate the trust properly, fails to protect and invest the proceeds of the trust, engages in self-dealing with trust property, fails to obey court orders regarding operation of the trust and other actions which show the trustee is violating the fiduciary duty that all trustees owe to the beneficiaries. You should consult with an attorney who is familiar with trust law in your state who can review your situation and explain your options. Trustees have a duty to do what is best for the beneficiaries but always within the terms of the trust itself. Trustees do not take orders from beneficiaries.
Do the surviving two trustees need to appoint a new third trustee when one trustee has died and they don't agree and can the beneficiaries force them to appoint a third trustee?
You need to review the document that created the trust. It should contain instructions regarding the appointment of successor trustees. The trustees and beneficiaries may only exercise the powers set forth in the trust document. If this issue is not addressed in the trust document then perhaps the trustees can draft an amendment that would allow the appointment of a successor trustee. Of course, the power for the trustees to amend the trust would have to be recited in the trust document. If the trust document is poorly drafted and does not contain the answers then the matter may need to be brought before a court of jurisdiction. You should seek the advice of an attorney who specializes in trust law to help solve your dilemma.
What can be done if a trustee borrows estate funds but returns them?
A trustee who uses trust or estate funds for their personal use should be replaced. That is a violation of their fiduciary duty. They may not replace the funds the next time. You should petition the court to have them removed and replaced with a more trustworthy trustee or with co-trustees who could monitor each other.
Do you include the Trustees name on the Grantee secton of a Quitclaim Deed transferring mineral interest to a Trust?
Yes. The trustee holds the legal interest to property for the trust. The grantee should be recited as "John Deere, as Trustee of the Deerfield Realty Trust".
