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Is an executor of a will the same as the trustee?
No. An executor settles an estate according to the provisions in the will. A trustee manages a trust according to the provisions in a trust.A trust may be set forth in a will. In that case the will must be probated with the executor in charge of the probate of the will. Once the probate process is completed the court will allow the trusteeship and officially appoint the trustee. Then that trustee will manage the trust according to the provisions set forth in the will.
Do you have to appoint a trustee if you have an executor?
It depends on the Will. If the Will creates a testamentary trust, and transfers property to, it then a trustee must be appointed by the court.It depends on the Will. If the Will creates a testamentary trust, and transfers property to, it then a trustee must be appointed by the court.It depends on the Will. If the Will creates a testamentary trust, and transfers property to, it then a trustee must be appointed by the court.It depends on the Will. If the Will creates a testamentary trust, and transfers property to, it then a trustee must be appointed by the court.
Does a trustee have to follow the will?
Yes.A will must be probated in order for it to be approved by the court and for the court to appoint an executor. If a trust is set up in a will (testamentary trust) then the court must officially appoint the trustee also. The executor and the trustee must follow the provisions in the will, the testamentary trust and the state probate laws under the supervision of the court.Both the executor and the trustee must follow the provisions of the will and the trust set forth in the will exactly. They have no power to change anything. If they fail to act efficiently they should be reported to the court and replaced. They have no other power except that provided by the will and the court.
Can executor sell trust property in Florida law?
In Florida, an executor does not have the authority to sell trust property. This responsibility falls to the trustee, who must follow the terms of the trust and state laws when selling trust assets. It is important for the trustee to act in the best interest of the beneficiaries and seek legal advice if unsure of how to proceed.
What is the possessive form of trustee?
The possessive form of "trustee" is "trustee's." For example, "The trustee's decision was final."
What are the responsibilities of an executor of a living trust?
A trust doesn't have an executor. It has a trustee. The trustee manages the trust according to the terms of the trust.
Will named you as executor but living trust for the house has no executor named Am I still the executor?
The living trust has a trustee, not an executor. The will is a separate process and you would be the executor.
Is an executor of a will the same as the trustee?
No. An executor settles an estate according to the provisions in the will. A trustee manages a trust according to the provisions in a trust.A trust may be set forth in a will. In that case the will must be probated with the executor in charge of the probate of the will. Once the probate process is completed the court will allow the trusteeship and officially appoint the trustee. Then that trustee will manage the trust according to the provisions set forth in the will.
Can an executor to the will and as a trustee purchase the other trustee half?
A trustee doesn't have anything to buy or sell. If the property was left to the two, he can buy out the other party if they agree to it.
How does the executor in a living trust remove a family member from property?
A trust doesn't have an executor. A trustee manages a trust according to the provisions set forth in the instrument that created the trust- the Declaration of Trust. You need to review that declaration to determine what the trustee can do and how.
What if the executor of a living trust spends all the money that was in a bank account to maintain the estate for his own personal use Now there is no money to maintain the estate.What can be done?
A living trust has a Trustee (not an executor). You can bring a lawsuit against the Trustee. In the lawsuit the trustee will have to show what was done with the money, and the court will judge whether it is against the law or not. The trustee has a fiduciary responsibility and if that is violated, and there is proof, the trustee will lose the lawsuit and you will win damages.
If the Executor is not following deceased wishes as to the ashes as stated in his will-is this a criminal offense?
The executor should be reported to the court that made the appointment. The executor should be removed for a breach of their fiduciary duty. The court can appoint a successor trustee.
Is it legal for an executor of a trust to change the title on a property from The Jane Doe Trust to the Executor's own name as his sole and separate property and then get a loan?
First. A trust is managed by a trustee and not an executor. Second, a testamentary trust should be supervised by the probate court. The trustee has only those powers that are set forth in the document that created the trust. What you describe sounds like self-dealing by the trustee. You should bring the matter before the court and ask for a review of the trustee's actions. The trustee should also be asked to provide an annual accounting of the trust property for every year they are in office. If the trustee is mishandling trust property they should be replaced. You could ask the court to remove the trustee and appoint a replacement.
Is it the duty of an executor to carry out all of the requests of the deceased no matter how the executor feels about such requests?
No, they can appoint another trustee, as long as all the promised wishes get carried out specifically as designated.
Does a will have to be read by a solicitor?
In the US: It is not required that a will be read by a solicitor/attorney. An Executor -an heir - or a Trustee - may fulfill the duty.
Do you have to appoint a trustee if you have an executor?
It depends on the Will. If the Will creates a testamentary trust, and transfers property to, it then a trustee must be appointed by the court.It depends on the Will. If the Will creates a testamentary trust, and transfers property to, it then a trustee must be appointed by the court.It depends on the Will. If the Will creates a testamentary trust, and transfers property to, it then a trustee must be appointed by the court.It depends on the Will. If the Will creates a testamentary trust, and transfers property to, it then a trustee must be appointed by the court.
Can an uncle who is executor and trustee allow his wife to take personal belongings of the deceased prior to the beneficiaries?
No. Not unless his wife is a named beneficiary. If he is allowing estate or trust property to be converted he should be reported to the court and removed from his position as executor/trustee ASAP. If he has illegally removed property it should be replaced.
