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A settlor is not the same as a trustee. The settlor creates the trust by transferring assets into it, while the trustee manages and administers the trust for the benefit of the beneficiaries. In some cases, the settlor can also be a trustee, but they are distinct roles with different responsibilities.
What else can I help you with?
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.
After the original settler of the trust appointed two trustees then died can the two trustees appoint a third trustee?
Typically, the power to appoint a trustee would have been granted by the settlor in the trust instrument. If the trust instrument allows for the remaining trustees to appoint a third trustee, then they would be able to do so. It is important to review the specific terms of the trust document to determine the trustees' authority in this situation.
Is a settlor of the trust the same as a grantor?
Yes. Several terms are used to describe the person who transfers their property to a trust: trustor, settlor, grantor.
What is the possessive form of trustee?
The possessive form of "trustee" is "trustee's." For example, "The trustee's decision was final."
Can there be more than one settlor of a trust?
Yes, a trust can have more than one settlor. Multiple individuals can create a trust together by contributing assets and agreeing to the terms and purpose of the trust.
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.
Does the settlor own the property in a trust?
No. The property is owned by the trust and managed for the trust by the trustee.
What is the role of the settlor in trust registration in India?
The settlor is the person who creates the trust by transferring their assets for the benefit of the beneficiaries. Their role involves drafting the trust deed, specifying the objectives and terms of the trust, and transferring assets to the trust. While the settlor may also serve as a trustee, it is not mandatory, and they can choose to appoint other individuals as trustees.
Does a trustee have to be appointed and if so by who?
Yes, a trustee typically must be appointed to manage a trust. The appointment can be made by the person who creates the trust, known as the grantor or settlor, and is often specified in the trust document. In some cases, if no trustee is named or the appointed trustee is unable or unwilling to serve, a court may appoint a trustee.
Who should the trustee make distributions to when trust says distributions must be made to the settlor's kids during the settlor's wife lifetime but wife is dead and trust is silent as how to proceed?
The trustee has only the power to carry out the provisions set forth in the trust. If the trust was poorly drafted you need to petition a court to make a disposition of the trust property.
Does a settlor have to execute a deed to add property to an existing trust?
Yes. The property must be transferred by the owner to the trustee of the trust.Yes. The property must be transferred by the owner to the trustee of the trust.Yes. The property must be transferred by the owner to the trustee of the trust.Yes. The property must be transferred by the owner to the trustee of the trust.
What is the time frame within which a trustee in California is required to distribute assets?
In California, a trustee is generally required to distribute assets to beneficiaries within a reasonable time frame, which is typically within 18 months after the death of the trustor or settlor.
What is a spray trust?
A "spray trust" or "sprinkle trust" is created when the settlor gives the trustee discretion to pay income out of the trust to any of the beneficiaries of the trust as their needs appear. Thus the trustee has discretion to "spray" the income among the various beneficiaries. The trustee has a fiduciary duty to inquire as the the beneficiaries finances to assure the trustee's standard of living can be maintained.
What three parties are usually involved in the establishment of trusts?
the trustor, who is the party creating the trust and also maybe known as the settlor, grantor, or donor. Second is the beneficiary for whose benefit the trust is established. Finally, the third party is the trustee, who is responsible for the management
Who appoints the trustee for the irrevocable trust?
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.
Can filing bankruptcy affect a living trust?
Yes. If the trust is not a true trust (i.e., the settlor, trustee and beneficiary are all the same person) or if the trust is revocable, the trustee can pursue the trust assets. If the debtor is the beneficiary of a living trust and can or has gotten a distribution of some of the trust assets, the trustee may be able go after the assets to the same extent the debtor is eligible to receive a distribution. It may be possible to negotiate a settlement of less than the full amount of the assets with the trustee.
Is there a settlor in an irrevocable trust?
if a settlor of an irrevocable trust feels that he was not properly informed by his attorney of all the restrictions what can he do
