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Beneficiaries have the right to have the trust administered exactly as provided in the instrument that created the trust. They should request copy in order to review those provisions. They also have a right to request an accounting of all monies and property coming into the trust and any going out. If the trustee will not cooperate the courts have jurisdiction. A petition can be filed to compel the accounting by a reluctant trustee. If a trustee continues to refuse to be cooperative the beneficiaries can request the removal of the trustee and the appointment of a successor, through the court.
Beneficiaries have the right to have the trust administered exactly as provided in the instrument that created the trust. They should request copy in order to review those provisions. They also have a right to request an accounting of all monies and property coming into the trust and any going out. If the trustee will not cooperate the courts have jurisdiction. A petition can be filed to compel the accounting by a reluctant trustee. If a trustee continues to refuse to be cooperative the beneficiaries can request the removal of the trustee and the appointment of a successor, through the court.
Beneficiaries have the right to have the trust administered exactly as provided in the instrument that created the trust. They should request copy in order to review those provisions. They also have a right to request an accounting of all monies and property coming into the trust and any going out. If the trustee will not cooperate the courts have jurisdiction. A petition can be filed to compel the accounting by a reluctant trustee. If a trustee continues to refuse to be cooperative the beneficiaries can request the removal of the trustee and the appointment of a successor, through the court.
Beneficiaries have the right to have the trust administered exactly as provided in the instrument that created the trust. They should request copy in order to review those provisions. They also have a right to request an accounting of all monies and property coming into the trust and any going out. If the trustee will not cooperate the courts have jurisdiction. A petition can be filed to compel the accounting by a reluctant trustee. If a trustee continues to refuse to be cooperative the beneficiaries can request the removal of the trustee and the appointment of a successor, through the court.
What else can I help you with?
Can beneficiaries to a trust act jointly and severally?
The beneficiaries of a trust are not usually the "actors". Acting jointly or severally generally pertains to entities that perform the same functions such as trustees. A trust can provide that the trustees can act jointly or severally. That means, one trustee can take any action allowed by the provisions of the trust without the consent of the other trustee. You need to add more details regarding how you think "jointly and severally" would apply to beneficiaries.
Does an adminstrator have to notify all beneficiaries?
Yes, an administrator is typically required to notify all beneficiaries of the estate or trust. This notification is important for transparency and allows beneficiaries to be informed of their rights and interests in the estate. The specific requirements for notification can vary by jurisdiction, so it's essential to follow local laws and regulations regarding estate administration.
Do the beneficiaries of a trust have a say as to what happens in the trust?
That will depend on how the trust is written. In most cases the beneficiaries have no say in how the trust is distributed.
How does an executor of a living trust get paid?
An executor of a living trust, often referred to as a trustee, is typically compensated through a fee outlined in the trust documents. This fee can be a percentage of the trust's assets, an hourly rate, or a flat fee, depending on the trust's terms. If the trust does not specify compensation, the trustee may negotiate payment with the beneficiaries or follow state laws regarding reasonable compensation for trustees. It's important for the trustee to maintain transparency with beneficiaries regarding their fees.
What is a putnam decree?
A Putnam decree is a legal ruling that addresses issues related to the management and oversight of a trust, particularly in the context of estate planning. It is named after a notable court case involving the Putnam family, which established precedents for the responsibilities of trustees and the rights of beneficiaries. Such decrees often clarify the obligations of trustees to act in the best interests of beneficiaries and can be used to resolve disputes regarding trust administration.
What happens when a trust has 100 beneficiaries?
The trust gets divided into 100 equal parts and given to the beneficiaries.
Do heirs get a copy of the trust?
The specific answer depends on state law. I am in Missouri and we are Uniform Trust Code state. The law here states, in short, that a qualified beneficiary of an irrevocable trust is entitled to a copy of the trust. So, if the heirs are beneficiaries of the trust, they may be entitled to a copy. What state are you in?
Is a beneficiary required to accept any form of payment the trustee mandates from an trust?
You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.You need to review the terms of the particular trust to determine how the beneficiaries are to be paid.
What if beneficiaries of a trust want to remove a beneficiary from a revocable trust?
You need to review the trust document to determine whether the beneficiaries have that power and how it must be exercised.
What powers does a trustee have over a non-trustee of a irrevocable trust?
The trustee of the trust has all the power and authority to act for the trust. Their duties and powers are set forth in the instrument that created the trust. Their only power over the beneficiaries are those set forth in the trust.A non-trustee (beneficiary) has no power regarding the operation of the trust unless they were given specific powers in the trust instrument such as the power to appoint a new trustee. The beneficiaries also have the power to file a complaint in court if the trustee fails to perform their responsibilities appropriately.The trustee of the trust has all the power and authority to act for the trust. Their duties and powers are set forth in the instrument that created the trust. Their only power over the beneficiaries are those set forth in the trust.A non-trustee (beneficiary) has no power regarding the operation of the trust unless they were given specific powers in the trust instrument such as the power to appoint a new trustee. The beneficiaries also have the power to file a complaint in court if the trustee fails to perform their responsibilities appropriately.The trustee of the trust has all the power and authority to act for the trust. Their duties and powers are set forth in the instrument that created the trust. Their only power over the beneficiaries are those set forth in the trust.A non-trustee (beneficiary) has no power regarding the operation of the trust unless they were given specific powers in the trust instrument such as the power to appoint a new trustee. The beneficiaries also have the power to file a complaint in court if the trustee fails to perform their responsibilities appropriately.The trustee of the trust has all the power and authority to act for the trust. Their duties and powers are set forth in the instrument that created the trust. Their only power over the beneficiaries are those set forth in the trust.A non-trustee (beneficiary) has no power regarding the operation of the trust unless they were given specific powers in the trust instrument such as the power to appoint a new trustee. The beneficiaries also have the power to file a complaint in court if the trustee fails to perform their responsibilities appropriately.
How many beneficiaries can a trust have?
Unlimited.
How do you keep beneficiaries from constantly contacting you as the trustee of a living irrevocable trust instead of contacting the lawyer?
If you are the trustee then you have certain responsibilities regarding the operation of the trust. Perhaps you should call the lawyer and ascertain what your responsibilities as trustee encompass. There may be situations where the beneficiaries have the right to call you. Straighten it all out with the attorney and then notify the beneficiaries in writing about your responsibilities and who they should call when they have a question or request.It is likely that you are paid a fee for your role as trustee. The attorney would also be paid a legal fee for any time she spends dealing with the trust. Therefore, you should come to an understanding about who should be called regarding questions by the beneficiaries. Once you arrive at an understanding of your own duties you could arrange to have the beneficiaries email you with their comments, questions and requests.If you are the trustee then you have certain responsibilities regarding the operation of the trust. Perhaps you should call the lawyer and ascertain what your responsibilities as trustee encompass. There may be situations where the beneficiaries have the right to call you. Straighten it all out with the attorney and then notify the beneficiaries in writing about your responsibilities and who they should call when they have a question or request.It is likely that you are paid a fee for your role as trustee. The attorney would also be paid a legal fee for any time she spends dealing with the trust. Therefore, you should come to an understanding about who should be called regarding questions by the beneficiaries. Once you arrive at an understanding of your own duties you could arrange to have the beneficiaries email you with their comments, questions and requests.If you are the trustee then you have certain responsibilities regarding the operation of the trust. Perhaps you should call the lawyer and ascertain what your responsibilities as trustee encompass. There may be situations where the beneficiaries have the right to call you. Straighten it all out with the attorney and then notify the beneficiaries in writing about your responsibilities and who they should call when they have a question or request.It is likely that you are paid a fee for your role as trustee. The attorney would also be paid a legal fee for any time she spends dealing with the trust. Therefore, you should come to an understanding about who should be called regarding questions by the beneficiaries. Once you arrive at an understanding of your own duties you could arrange to have the beneficiaries email you with their comments, questions and requests.If you are the trustee then you have certain responsibilities regarding the operation of the trust. Perhaps you should call the lawyer and ascertain what your responsibilities as trustee encompass. There may be situations where the beneficiaries have the right to call you. Straighten it all out with the attorney and then notify the beneficiaries in writing about your responsibilities and who they should call when they have a question or request.It is likely that you are paid a fee for your role as trustee. The attorney would also be paid a legal fee for any time she spends dealing with the trust. Therefore, you should come to an understanding about who should be called regarding questions by the beneficiaries. Once you arrive at an understanding of your own duties you could arrange to have the beneficiaries email you with their comments, questions and requests.
