0
A trust set forth in a Last Will is called a testamentary trust. While the testator is living they can change the trustee in their testamentary trust simply by executing a codicil and attaching it to the Will. However, once the testator has died, only the court can appoint a new trustee if a new trustee becomes necessary and a successor was not named in the Will.
What else can I help you with?
What is the possessive form of trustee?
The possessive form of "trustee" is "trustee's." For example, "The trustee's decision was final."
What if the trustee breached her fiduciary duties and was steatling out of the trust can that irrevocable trust be changed by the grantor?
Unless the trust has provisions for removal of a trustee then an interested party would need to bring an equity petition to the appropriate court to have the trustee removed and a successor appointed. If there is a substantial amount of money involved you should seek the advice of an attorney and file your petition ASAP.
In an irrevocable trust if a trustee breached his or her fudiciary duties as a trustee by stealing can the trust be changed?
No, the trust cannot be changed, but the trustee can be removed and a successor trustee appointed. Usually, the trust document names a successor trustee, who would usually be the successor trustee. If there is no successor trustee named, the court will appoint one. The terms of the trust, meaning how the property and income is to be treated will remain the same. The only situation that changing of the trust itself might come into being is where there is so little value left in the trust that it cannot accomplish its purposes. In that even, if there is no reasonable prospect to recover the stolen money, the court would most likely terminate the trust and direct distribution of the remaining funds in an appropriate manner.
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.
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.
What type of legislature did the colony of Georgia have as a trustee colony?
I believe it was unicameral. I t was later changed to a bicameral when it changed into a royal colony.
What is the possessive form of trustee?
The possessive form of "trustee" is "trustee's." For example, "The trustee's decision was final."
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 if a trustee is forced to change a trust due to alzheimer's or dimentia?
A trustee cannot make changes to a trust unless they were given that authority in the trust instrument. If they were not given that authority then the terms of the trust can only be changed by a court of jurisdiction.
Can convicted felons be a trustee in Florida?
What kind of "trustee?" "Trustee" for WHAT?
How do you remove an appointed trustee from the board of trustee?
What is a life of Trustee.
When a revocable living trust becomes irrevocable at death can the sucessor trustees be changed by the current trustee?
Yes, if that power was granted in the trust instrument.
What if the trustee breached her fiduciary duties and was steatling out of the trust can that irrevocable trust be changed by the grantor?
Unless the trust has provisions for removal of a trustee then an interested party would need to bring an equity petition to the appropriate court to have the trustee removed and a successor appointed. If there is a substantial amount of money involved you should seek the advice of an attorney and file your petition ASAP.
In an irrevocable trust if a trustee breached his or her fudiciary duties as a trustee by stealing can the trust be changed?
No, the trust cannot be changed, but the trustee can be removed and a successor trustee appointed. Usually, the trust document names a successor trustee, who would usually be the successor trustee. If there is no successor trustee named, the court will appoint one. The terms of the trust, meaning how the property and income is to be treated will remain the same. The only situation that changing of the trust itself might come into being is where there is so little value left in the trust that it cannot accomplish its purposes. In that even, if there is no reasonable prospect to recover the stolen money, the court would most likely terminate the trust and direct distribution of the remaining funds in an appropriate manner.
What is the difference between the trustee and the royal colony?
royal-run by governor trustee-run by trustee
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.
Is a trustee required to use 'trustee' as a part of his signature?
Yes. A trustee must always declare that she is signing a document in her capacity as a trustee. If not, the validity of the document will be compromised by signing as an individual with no reference to her office as trustee.
