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∙ 15y ago
In Michigan, embezzlement by a trustee of a living trust would likely be considered a breach of fiduciary duty. The trustee has a legal obligation to manage the trust assets for the benefit of the beneficiaries and any misappropriation of trust funds can result in civil or criminal penalties. Beneficiaries can take legal action to recover the misappropriated funds and remove the trustee from their position.
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Minimum age of trustee in a living trust?
The minimum age for a trustee in a living trust is typically 18 years old. However, it is advisable to choose a trustee who is mature, responsible, and capable of managing the trust assets effectively.
What rights does a trustee have in a living trust against harassment?
A trustee of a living trust has the right to administer the trust as outlined in the trust document and in accordance with the law. If the trustee is being harassed or experiencing interference with their duties, they may have the right to seek legal remedies such as obtaining a restraining order or taking legal action against the harasser.
Can a trustee refuse to give disbursements to a beneficiary under a living person's trust?
A trustee must follow the terms of the trust as outlined in the legal document. If the trust document allows for discretion regarding disbursements, a trustee may have the authority to refuse to make a disbursement to a beneficiary. However, the trustee must act in good faith and in the best interests of the beneficiaries.
Can living trust be created for a minor and can they be the trustee?
Yes, a living trust can be created for a minor, with a responsible adult appointed as the trustee to manage the assets on behalf of the minor until they reach a certain age specified in the trust. The minor cannot act as the trustee due to their legal status as a minor.
How can a trustee in a will be changed?
A trustee in a will can be changed by the person who created the will through an amendment called a codicil. Alternatively, the person can create a new will that specifies the new trustee. It is important to follow legal requirements to ensure the change is valid.
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.
Can a co trustee buy quit claim property from trust and transfer into own personal trust?
First, a trustee is the trustee of a TRUST. The house may be trust property. The powers of a trustee are set forth in the trust document. If the house is owned by the trust and the trustee has the power to sell real estate then yes, a trustee can convey the house.
Does a living trust require an attorney as trustee?
No.
Can assets be siezed if a trustee of an revocable living trust goes bankrupt?
Probably not. The trustee and the Trust are entirely different things.
How can you find information on a persons living trust?
If the person is deceased, you can contact the trustee if you know who the trustee is.
Can a trustee refuse to give disbursements to a beneficiary under a living person's trust?
A trustee must follow the terms of the trust as outlined in the legal document. If the trust document allows for discretion regarding disbursements, a trustee may have the authority to refuse to make a disbursement to a beneficiary. However, the trustee must act in good faith and in the best interests of the beneficiaries.
under michigan how long do you have to disperse assets from a living trust after the death of the person who set up the trust what is considered a reasonable period of time for the trustee to act?
You have five years to settle things but the trust runs as long as it was set to.
What term applies to the embezzlement of money held in trust?
The term that applies to the embezzlement of money held in trust is "trust theft" or "fiduciary theft." This refers to the illegal act of misappropriating funds or assets that have been entrusted to someone's care, such as a trustee or executor. Trust theft typically involves a breach of fiduciary duty and is considered a serious financial crime.
Who is grantor in a living trust?
The grantor in a living trust is the person who executes or creates the trust and then transfers their property to the trustee. After they transfer the property they no longer own it.
Who is the grantor in a living trust?
The grantor in a living trust is the person who executes or creates the trust and then transfers their property to the trustee. After they transfer the property they no longer own it.
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.
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.
