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Can an heir who is the trustee of his sister's special needs trust sue her trust to get money for another sibling who was written out of the will?
No. The heir has no right to the funds set aside in the special needs trust. A living donor set that trust up with their own property and the heir has no rights to that property whatsoever. The trust is not responsible in any way for a sibling who was disinherited. Parents are allowed to disinherit their adult children.
What else can I help you with?
Does the trustee who is your sibling have to provide the beneficiary with a copy of parents trust?
Yes. You should be able to review the trust. You can also ask for a regular accounting so that you can monitor the trustee's management of the trust property. If the trustee refuses you can file a motion in a court of equity to compel an inventory and accounting. You should consult with an attorney who can review your situation and explain your options.
What is substitution of trustee?
Replacing the trustee with another for some reason; maybe the trustee gets old and finds the job burdensome. There might be another trustee named in the document as authorized "..in the event first trustee resigns." I'm no lawyer, but I guess you could petition the court for a replacement trustee if you could prove the trustee was not following the lawful trust instructions or something.
What is the possessive form of trustee?
The possessive form of "trustee" is "trustee's." For example, "The trustee's decision was final."
Can original trustee take back duties after turning over to successor trustee?
No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally, once a successor trustee is appointed the former trustee has no powers.No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally, once a successor trustee is appointed the former trustee has no powers.No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally, once a successor trustee is appointed the former trustee has no powers.No. Not unless the power to reinstate herself as trustee was granted in the trust instrument. Generally, once a successor trustee is appointed the former trustee has no powers.
Can a settlor transfer property to trustee for the settlor and trustee?
Your question is assumed to be the following: May Sheila transfer her property to Judith as the trustee for the benefit of Sheila and Judith. Generally, the answer is yes but trust law is extremely complex and varies from state to state. If you transfer real property to your trust that is situated in another state than where you live, the trust must meet the requirements of THAT state. Trusts should always be drafted by an attorney who is an expert in trust law.
If one sibling filed chapter 7 and there is property that is left by your deceased parents but no succession has been filed by your siblings can a trustee sell the property to pay creditors?
Only that property that is determined to be owned by the sibling. If property is owned jointly between the sibling and the remaining family, the remaining family may be forced to get a loan to pay the appraised value of the siblings share. As this Q is frequently referred to by those asking about a trustee that is a sibling.....a trustee is NOT the owner of any of the proerty he is trustee for...in fact, IT CANNOT be used for his personal needs.
How do you become a trustee for a special needs trust?
You would have to be designated as the trustee when the trust is created.
Can a sibling be the trustee for a spendthrift trust?
Yes. The trustee should be someone who is organized, intelligent, trustworthy and responsible.Yes. The trustee should be someone who is organized, intelligent, trustworthy and responsible.Yes. The trustee should be someone who is organized, intelligent, trustworthy and responsible.Yes. The trustee should be someone who is organized, intelligent, trustworthy and responsible.
Does the trustee who is your sibling have to provide the beneficiary with a copy of parents trust?
Yes. You should be able to review the trust. You can also ask for a regular accounting so that you can monitor the trustee's management of the trust property. If the trustee refuses you can file a motion in a court of equity to compel an inventory and accounting. You should consult with an attorney who can review your situation and explain your options.
When a trustee dies does the beneficiary of the trust get notified of what is in the trust?
Not necessarily, another trustee will be appointed.
Can a name be added to living trust property?
No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.No. The property in a trust is held in the name of the trustee of the trust. It may be possible to amend the trust to include another trustee. Such actions should be done by an attorney.
When is co trustee liable for a unauthorized act of another trustee?
A co-trustee is not responsible for the unauthorized acts of the other trustee unless she/he knew of the unauthorized acts and did not report them or facilitated them in any way. A trustee who mismanages trust funds is personally liable.
What is substitution of trustee?
Replacing the trustee with another for some reason; maybe the trustee gets old and finds the job burdensome. There might be another trustee named in the document as authorized "..in the event first trustee resigns." I'm no lawyer, but I guess you could petition the court for a replacement trustee if you could prove the trustee was not following the lawful trust instructions or something.
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.
Does substitution of trustee mean the same as termination of trustee?
No, substitution of trustee and termination of trustee are not the same. Substitution of trustee refers to the process of replacing one trustee with another while maintaining the trust's existence and terms. In contrast, termination of trustee involves ending the trustee's role and potentially dissolving the trust or redistributing its assets. Each process has different legal implications and outcomes for the trust and its beneficiaries.
Do you have to get permission from the bankruptcy trustee to finance another car?
If you are in a Chapter 13, then you must get approval from the trustee if you wish to incur more debt.
What is another word for person entrusted with secrets?
confidant trustee
