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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.
What else can I help you with?
How long can a trustee keep a case open?
A trustee can keep a case open anywhere from several months to several years if they discover assets. They are allowed time to collect the assets and then sell them. After that, they will notify and distribute the money to the creditors.
What does a trustee do in Chapter 7 bankruptcy proceedings?
In Chapter 7 bankruptcy proceedings, a trustee is responsible for overseeing the liquidation of the debtor's assets to repay creditors. They review the debtor's financial information, sell non-exempt assets, and distribute the proceeds to creditors.
When does a person need a trustee?
In bankruptcies a trustee is needed in all cases to administer the assets or determine that there are no assets. The court appoints the trustee in chapter 7 and 13. The creditors determine who will act as a trustee in chapter 11, usually. A trustee is needed if a person establishes a trust.
How do you collect and distribute assets of trust?
The powers of a trustee and the distribution of assets are set forth in the document that created the trust. For a testamentary trust the will would have to be presented to a court for allowance and an executor would be appointed by the court. If the trust is set forth in the will the court will then review and approve the trusteeship and appoint the named trustee once the estate has been settled. The executor would have collected the assets and they would be transferred to the custody of the trustee after the debts of the estate have been paid and according to the terms of the will. You should retain a probate attorney to supervise the estate.
A person appoints a child as executor of the estate. is executor of estate required to list assets after that person dies?
That is one of the duties of the executor. They have to inventory the assets and debts of the estate. Then they will be able to liquidate the debts and distribute the assets.
Can a succesor trustee sell a home?
Yes, a successor trustee can sell a home that is part of a trust's assets, provided they follow the instructions outlined in the trust document. The trustee has a fiduciary duty to act in the best interests of the beneficiaries, which may include selling the property to settle debts or distribute assets. However, it is essential for the trustee to ensure they comply with applicable laws and any specific provisions in the trust regarding the sale of real estate. Consulting with a legal or financial advisor is often advisable to navigate the process correctly.
Can an executor of a will distribute assets before probate is completed?
No, an executor of a will cannot distribute assets before probate is completed.
Person who holds assets in a trust for beneficiary?
That person is called the trustee. The trustee has the legal authority to handle the trust assets according to the provisions set forth in the trust.
How does a bankruptcy trustee investigate a debtor?
It is rare that a bankruptcy trustee really investigates a debtor. There have to be a large amount of questionable assets or, like in a Chapter 11, types of assets that would send a trustee to your house. When they do, they look into bank accounts and physical assets such as furniture, houses, cars and even clothes.
can a revocable trust be terminated before it's expiration date and devided however the trustee wants or does it have to be divided equally shares?
A revocable trust can typically be terminated before its expiration date, with the assets distributed according to the provisions outlined in the trust agreement or at the discretion of the trustee. The trustee may have the flexibility to distribute the assets as they see fit, depending on the terms specified in the trust document.
Can a son as an executor of the dad's will to the mother cheat her out of it?
An executor is required to distribute the assets according to the will. "Cheating" someone out of their rightful property, as decreed by the will, is illegal.
Is the settler the same as a trustee?
No, a settler is the person who creates a trust by transferring assets into it, while a trustee is the person or entity responsible for managing those assets in the best interest of the beneficiary of the trust.
