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What is a blind trust fund and how long do you have to keep it in order to get out of it?
A trust in which the executors have full discretion over the assets, and the trust beneficiaries have no knowledge of the holdings of the trust.
What are the responsibilities of the custodian of a trust account?
The trust will state the responsibilities.
Do all the heirs of a trust have to sign to remove an executor of a trust?
Trusts are managed by TRUSTEES not executors. You need to look to the language of the trust to see how a trustee can be removed. If there is no provision in the trust you will need to petition the court to remove the trustee and appoint a replacement.
How do you change the executors of your living trust?
Trusts are not managed by executors but by trustees. You need to review your trust document to determine how the trustees may be removed and replaced. In fact, for any questions about what you can do and and how you deal with your trust you must review the trust document. You are bound by the provisions set forth in the trust document. Return to the attorney who drafted the trust to make certain it's properly done. Trust law is extremely complex. Trusts should always be drafted by an attorney who specializes in trust and tax law. Errors made by non-professionals can be costly to correct and can result in the trust being judged invalid and the property being vulnerable to creditors and probate.
What are the responsibilities of an executor of a living trust?
A trust doesn't have an executor. It has a trustee. The trustee manages the trust according to the terms of the trust.
Removing a co-executor from a trust after the trustees death?
Look to the instrument that created the trust for instructions for appointment of the successor trustee. Co-executors are not appointed for a trust, they are appointed by a court. You would need to petition the court to remove a co-executor.
What does the term coindependent executors mean?
co-independent executors
Do the executors of a will have to jointly give permission for the other executors to see the will?
All executors have the right to see the will, they cannot execute it if they do not have access to it.
Are executors entitled to get paid before the parent dies?
The executor does not have any rights or responsibilities before the person dies. Being paid makes no sense and is not a legal right.
What is your financial obligation if you are heir to a trust?
You have no responsibilities. The trust is responsible for its costs and distributing the assets per the terms of the trust.
When a proprty is sold do both executors get the money?
Executors do not get the money, it goes to the estate. The executors distribute the estate per the will or laws of intestacy.
If there is no will what is the executors responsibility?
To follow the laws of intestacy for the state. they will have all the normal responsibilities, valuation of the estate, paying debts and taxes and distributing the remainder. They will have to make a fill accounting to the state.
