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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 else can I help you with?
How does being a trustee on a parent's irrevocable trust affect Chapter 7?
It should have any impact unless you are a beneficiary of the trust.
In an irrevocable trust if a trustee breached his or her fudiciary duties as a trustee by stealing can the trust be changed?
No, the trust cannot be changed, but the trustee can be removed and a successor trustee appointed. Usually, the trust document names a successor trustee, who would usually be the successor trustee. If there is no successor trustee named, the court will appoint one. The terms of the trust, meaning how the property and income is to be treated will remain the same. The only situation that changing of the trust itself might come into being is where there is so little value left in the trust that it cannot accomplish its purposes. In that even, if there is no reasonable prospect to recover the stolen money, the court would most likely terminate the trust and direct distribution of the remaining funds in an appropriate manner.
Can a policyowner change beneficiaries if it is irrevocable?
No. In Canada, the irrevocable beneficiary must agree to any beneficiary change being requested by the owner, should the change being requested, change the entitlement of the irrevocable beneficiaries.
Is it possible to get a mortgage loan in the name of a Revocable Trust where the original trustee has died and the trust says that it now reverts to an irrevocable trust?
There should be a provision in the trust for the appointment of a successor trustee. A trust cannot act, it needs a trustee (think human being) to act for it. The new trustee can apply for the mortgage. The bank will want to review the trust to make certain that the trust is valid and the title to the real property is in the trust.For example, the mortgagor would be Kathryn Stewart, as trustee of the Norwattuck Mountain Trust. Any real property conveyed to the trust should be conveyed to the trustee as stated above.
Can bankruptcy be removed from your credit history before ten years?
No, and any business claiming that it is possible is not being truthful(or flat out lying whichever term is preferred).
What is substitution of trustee?
Replacing the trustee with another for some reason; maybe the trustee gets old and finds the job burdensome. There might be another trustee named in the document as authorized "..in the event first trustee resigns." I'm no lawyer, but I guess you could petition the court for a replacement trustee if you could prove the trustee was not following the lawful trust instructions or something.
What word is being honest?
Truthful is being honest.
What is some sentences on truthful?
Speaking truthfully means being honest and genuine in your words and actions. It involves being transparent and sincere in your communication with others. People who are truthful are trusted and respected for their integrity and reliability.
What does the term 'truthful' mean?
Truthful means telling or expressing the truth. When someone is being truthful it means they are doing the exact opposite of lying and the information they are saying should be trusted.
What is digital citizenship?
being truthful, not breaking the law.
What has six letters and it means being truthful?
Honest.
How do you work up a business?
by being truthful and honest
