0
The responsibilities of any trustee are set forth in the trust instrument. A trust should always be drafted by an attorney who specializes in trust law and tax law and who will set the provisions of the trust to meet the needs of the trustor. The powers and responsibilities of the trustee(s) are set forth in the trust instrument and they have no other powers.
What else can I help you with?
Why must the trustee of an irrevocable insurance trust make the premium payment?
As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.
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.
Can a co trustee buy quit claim property from trust and transfer into own personal trust?
First, a trustee is the trustee of a TRUST. The house may be trust property. The powers of a trustee are set forth in the trust document. If the house is owned by the trust and the trustee has the power to sell real estate then yes, a trustee can convey the house.
What if the executor of a living trust spends all the money that was in a bank account to maintain the estate for his own personal use Now there is no money to maintain the estate.What can be done?
A living trust has a Trustee (not an executor). You can bring a lawsuit against the Trustee. In the lawsuit the trustee will have to show what was done with the money, and the court will judge whether it is against the law or not. The trustee has a fiduciary responsibility and if that is violated, and there is proof, the trustee will lose the lawsuit and you will win damages.
Does a living trust require an attorney as trustee?
No.
Can assets be siezed if a trustee of an revocable living trust goes bankrupt?
Probably not. The trustee and the Trust are entirely different things.
What is the responsibility of a trustee if the parent is still living?
I D'NT KNOW
How can you find information on a persons living trust?
If the person is deceased, you can contact the trustee if you know who the trustee is.
Who is in charge of making repairs on a home the deed holder or the person with the Living Trust?
Typically, the deed holder is responsible for making repairs on a home, as they legally own the property. However, if the home is placed in a Living Trust, the trustee (who may or may not be the deed holder) manages the property according to the terms of the trust. Therefore, the responsibility for repairs may depend on the specific arrangements within the trust and who is designated as the trustee. It's essential to review the Living Trust documents for clarity on responsibilities.
Minimum age of trustee in a living trust?
The minimum age for a trustee in a living trust is typically 18 years old. However, it is advisable to choose a trustee who is mature, responsible, and capable of managing the trust assets effectively.
Can beneficiary of trust tell a trustee what to do?
They most certainly may not! The entire purpose of the trust is to prevent the beneficiary from controlling the trust. The responsibility lies with the trustee to maintain the trust as it was set up. Actually, it depends on what kind of a trust is involved. For example, a Land Trust is beneficiary driven....meaning the beneficiary tells the Trustee what to do by letter of direction. Most all other types of trusts are Trustee driven and decisions are made by the Trustee. Randy Hughes
What rights does a trustee have in a living trust against harassment?
A trustee of a living trust has the right to administer the trust as outlined in the trust document and in accordance with the law. If the trustee is being harassed or experiencing interference with their duties, they may have the right to seek legal remedies such as obtaining a restraining order or taking legal action against the harasser.
