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The person who creates the irrevocable trust is the one who appoints the trustee, because it is his or her trust. It is similar to the right of a person to name an executor in a will. The creator of the trust, sometimes called the settlor, has the right to choose a person he trusts (hence the name "trustee") to handle the property in the trust and to carry out the terms of the trust. In the event that the trustee(s) named in the trust instrument are unable for any reason to perform their duties, the named successor trustee will assume the duties. If no successor is named the probate court can appoint one.
What else can I help you with?
Is it possible to arrange an irrevocable trust with the same person as grantor trustee and beneficiary?
You cannot have the same person as grantor, trustee and beneficiary in any trust. There is no trust created in such a set up. The grantor in an irrevocable trust cannot be the trustee. The property in an irrevocable trust must be permanently separated from the grantor's control.
Can there be a trustee and beneficiary to an irrevocable trust?
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.
Can a Registered Representative be a trustee of a irrevocable trust?
yes
Can a set income from an irrevocable trust be increased by the trustee of the trust?
You need to review the terms of the trust to determine the extent of the trustee's power.
Can the same person be the trustee and a beneficiary of an irrevocable trust?
No. That would invalidate the trust.
Can a trustee make investment decisions in an irrevocable trust in contest?
A trustee has only the powers set forth in the trust. You must review the trust document to determine what the trustee can do.
How can you remove a Trust Fund trustee?
my brother is the is in charge of my parents irrevocable will of trust can he remove me
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.
Who can sign on a irrevocable trust account?
The trustee must sign. The trustee is the only person who has the power to sign on behalf of the trust. It is their purpose.
Can irrevocable trust be involved in lawsuits?
Yes. The trust would be represented by its trustee in the suit. However, the trustee would not be personally liable.
If the grantor and the trustee are the same person in an irrevocable trust can they revoke any or part of that trust from the beneficuary?
In short no, an Irrevocable Trust cant be legally revoked by either party.
Does the trustee of a irrevocable trust have to notify all family members of what is left in the trust?
The beneficiaries are entitled to an accounting to make sure the trustee is not wasting the trust assets.
