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What is the meaning of fudiciary?
Fiduciary is essentially a trustee. It relates to the relationship between a trustee and a beneficiary when a trust is involved.
What is the difference between a trustee and an agent on a trust?
A trustee is the person who takes care of all the properties of the trust for the benefit of the beneficiaries. An agent on a trust is a third party that takes care of the trust on behalf of the beneficiaries.
What are duties of trustee?
The trustee has a fiduciary duty to the beneficiary of a trust. The trustee is the legal owner of the property of a trust. The beneficiary has no legal title to the property in the trust but may get use of the property without ownership. A beneficiary can show a breach of a fiduciary duty if the benefit, profit, or gain was acquiredWhile there was a conflict of interest: this most often occurs when the fiduciary does not serve the beneficiary's best interests.By taking advantage of the fiduciary position: this occurs when a fiduciary profits from his position, which is prohibited in the relationship
What is the term for fiduciary responsibility?
Fiduciary responsibility is a term concerning good stewardship of a portfolio, or a trust fund. In the case of many trust funds, a bank is the trustee of the Trust and by the will or contract made between the grantor and in this case a bank, the bank is obligated to exercise good review and proper care of the contents of the trust. Taxes are often part of the fiduciary responsibility.
What do you do if a sibling is trustee of a living trust and you feel he may be using funds from the trust for his own use in California?
If possible you should discuss the situation with the trustor and ask to have the trustee removed. If that's not possible you could start by asking for an accounting by the trustee. You have an equitable interest in the trust property and the trustee is responsible while he is in charge. If you suspect that the trustee is borrowing against the trust, take him to court. Court's do not look favorably on self-dealing by a trustee and can remove the trustee if it finds the trustee is violating the trust. As a fiduciary the trustee is bound to do nothing that compromises anyone's rights under the trust. As a fiduciary the trustee has the obligation to grow the assets of the trust rather than waste them. If the trustee is making unsecured, no-interest loans to himself he is not making prudent decisions on behalf of the trust.
What is a spray trust?
A "spray trust" or "sprinkle trust" is created when the settlor gives the trustee discretion to pay income out of the trust to any of the beneficiaries of the trust as their needs appear. Thus the trustee has discretion to "spray" the income among the various beneficiaries. The trustee has a fiduciary duty to inquire as the the beneficiaries finances to assure the trustee's standard of living can be maintained.
What happens when a trustee steals money from a trust account?
They have breached their fiduciary duties as a trustee. They can be brought up on a number of criminal charges or sued in civil court.
What if the trustee breached her fiduciary duties and was steatling out of the trust can that irrevocable trust be changed by the grantor?
Unless the trust has provisions for removal of a trustee then an interested party would need to bring an equity petition to the appropriate court to have the trustee removed and a successor appointed. If there is a substantial amount of money involved you should seek the advice of an attorney and file your petition ASAP.
How can a beneficiary of a trust get a copy of the trust when the trustee won't give a copy and is borrowing against trust?
You have standing as a beneficiary and should have a copy of the trust. You have an equitable interest in the trust property and the trustee is responsible while he is in charge. If you suspect that the trustee is borrowing against the trust, take him to court. If he is not performing his duties according to law the court will remove him as trustee.As a fiduciary the trustee is bound to do nothing that compromises anyone's rights under the trust. As a fiduciary the trustee has the obligation to grow the assets of the trust rather than waste them. If the trustee is making unsecured, no-interest loans to himself he is not making prudent decisions on behalf of the trust and is acting in conflict with the rights of the beneficiaries.Not providing a copy of the trust to the primary beneficary is illegal in some areas and can be cause for removal of the trustee, and in some cases for termination of the trust.
Can you be prosecuted for spending money from a trust fund?
Yes, you could be prosecuted. It is a crime to breach the fiduciary duty of a trustee.
In an irrevocable trust if the trustee breached her fiduciary duties and was stealing out the trust is that grounds for the grantor to change the trust?
Yes it is grounds to have trust set aside. Trustee is obligated to repay if found guilty. The question would be was she using the money under the terms of the trust and to benefit the beneficiaries. If not you have a strong case and need to file for a review of the trust.
Can trustee let house in irrevocable trust go into disrepair?
That would be a breach of their fiduciary duty. The property needs to be maintained.
