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Can living trust be created for a minor and can they be the trustee?
A living trust for the benefit of a minor can be created but the minor cannot be the trustee. (One problem is that a minor cannot sign any legal documents.) The most common mistake made by non-professionals is not creating a proper distance between the trust property and the grantor, and the trust property and the beneficiary. If the proper legal distance isn't maintained the trust property will be exposed to creditors and other claims and the very purpose of the trust will be defeated. The trustee and the beneficiary should not be the same person. Trust errors can be very costly to correct. Trust law is extremely complex and a trust should always be drafted by a professional.
Can you own land before the age of 18?
In most places, minors cannot own land outright. However, they may be able to have a custodian or trustee hold the property in trust until they come of age. Alternatively, parents or legal guardians could hold the property on the minor's behalf.
When did the us first have a legal drinking age?
The minimum purchase and drinking age is a state law. Each individual U.S. state establishes by law the minimum age at which an individual may purchase alcoholic beverages. The U.S. Government passed the National Minimum Drinking Age Act on July 17, 1984. This did not change the drinking age. However, it forced the individual states to establish the minimum drinking age as 21 or lose 10% of their federal highway funding. The minimum drinking age is 21 in all 50 U.S. states.
What is minimum age to live alone in Australia?
There is no specific age requirement in Australia for living alone. However, most states and territories have a legal age of 16 or 18 to enter into a tenancy agreement or sign a lease. It is recommended that individuals under 18 have parental permission or guidance before living alone.
What happens leave inheritance to minor?
If you leave an inheritance to a minor, it may be held in a trust until the minor reaches the age of majority. The trustee will manage the inheritance on behalf of the minor until they are old enough to access it. It is important to set up clear instructions in your will for how you want the inheritance to be managed and distributed.
Can living trust be created for a minor and can they be the trustee?
A living trust for the benefit of a minor can be created but the minor cannot be the trustee. (One problem is that a minor cannot sign any legal documents.) The most common mistake made by non-professionals is not creating a proper distance between the trust property and the grantor, and the trust property and the beneficiary. If the proper legal distance isn't maintained the trust property will be exposed to creditors and other claims and the very purpose of the trust will be defeated. The trustee and the beneficiary should not be the same person. Trust errors can be very costly to correct. Trust law is extremely complex and a trust should always be drafted by a professional.
Can the trustee in a irrevocable trust be your child?
Yes, it is possible for a child to be named as the trustee of an irrevocable trust, although it may not be recommended in all situations. The suitability of naming a child as trustee depends on various factors such as their age, level of responsibility, and ability to handle financial matters effectively. It is advisable to seek guidance from an attorney or financial advisor when deciding on the trustee for an irrevocable trust.
What is the Legal age to inherit property in Virginia?
There is no age limitation. However, if the beneficiary is under the age of 18, the court will appoint a trustee. They will have to report to the court about the trust that is created.
Who can create a Living Trust?
Any person of legal age who owns property can create a living trust. However, the trust should be drafted by an attorney who specializes in trust law and should conform to the laws in your state. The trust should be tailored to meet your needs and expectations, and, the attorney can explain the tax consequences of various types of trusts. If you have real property located in another state that will become trust property, the trust must conform to the laws of THAT state in order that the trustee can convey the property by a valid deed when it becomes necessary.
Does a trustee have the authority to distribute funds to beneficiaries in a controlled manner such as for education and medical if beneficiary is under age?
Generally, yes. You need to review the particular trust. The trustee has only the authority that is set forth in the document that created the trust. It is very common for the trustee to be instructed that distribution be limited to education and medical purposes. The trustor creates a trust so she/he can control the distributions. They don't want their money to be wasted.Generally, yes. You need to review the particular trust. The trustee has only the authority that is set forth in the document that created the trust. It is very common for the trustee to be instructed that distribution be limited to education and medical purposes. The trustor creates a trust so she/he can control the distributions. They don't want their money to be wasted.Generally, yes. You need to review the particular trust. The trustee has only the authority that is set forth in the document that created the trust. It is very common for the trustee to be instructed that distribution be limited to education and medical purposes. The trustor creates a trust so she/he can control the distributions. They don't want their money to be wasted.Generally, yes. You need to review the particular trust. The trustee has only the authority that is set forth in the document that created the trust. It is very common for the trustee to be instructed that distribution be limited to education and medical purposes. The trustor creates a trust so she/he can control the distributions. They don't want their money to be wasted.
What if the property is in a trust and I am the beneficiary of that trust?
Under UK Law: The trustee's must authorise the release of the property to the beneficiary(s) The beneficiaries under certain trust law can demand the property of the trust, but the trust deed must state a legal 'absolute' entitlement to that property. If the beneficiary has an absolute right to that property and has attained the stated age at which he or she should receive that property then the trustee's must authorise the payment to the beneficiary. IF it is a discretionary trust then you are only a 'potential' beneficiary and have no legal right to demand the property
You are the trustee of your mothers age 90 RLT In the trust your mother indicates that her house is to be sold and the assets divided among her 14 children As a trustee are you forced to sell the hous?
As trustee you are obligated to carry out the provisions of the trust. The trustor had the right to plan the disposition of their estate and they went to the trouble and expense of having a trust drafted to carry out their wishes. You cannot change the provisions of the trust unless the trust document gives that authority to you. You should consult with an attorney who specializes in probate, real estate law and trust law to determine what your legal options may be.
What is the minimum age to be a legislature in Washington state?
You can serve in the WA legislature at age 18. There are a few other requirements (like living in your district) but 18 is the minimum age. Source: http://www.leg.wa.gov/StudentsPage/Documents/teenguide_web.pdf
What does the word trustee mean in a will?
A trustee is a person to whom control over trust assets (cash, securities or other property) has been placed (by the trust creator) for the benefit of one or more beneficiaries.Generally speaking a person or persons with powers of attorney may also be involved.I believe that the word "trustee" has the same meaning regardless of whether it appears in a will or in an written trust agreement meant to take effect while the trust creator is still alive (aka an inter vivos trust).For example, the testator (the person making his or her will) might want to leave a great deal of money or property to grandchildren who may be still too young to manage it wisely when the testator dies and the grandchildren are in a position to inherit. To delay the grandchildren's actual receipt of the inheritance until they are old enough, the testator may instruct in his will that the money or property is to be held by a namedtrustee until the grandchildren reach a specified age. The testator should make it clear who is to act as trustee (or alternate trustee, if the first-named trustee cannot serve.)A trustee has a serious legal responsibility to protect and preserve trust property, and invest it prudently (unless the testator has explicitly forbidden the trustee to invest the funds, which is probably very rare), and never to use the trust principal or income (if any) for his or her own benefit, even if he intends to "borrow" and repay the funds; if he does so, he is breaching his duty. However, a testator or other trust creator may provide in writing that the trustee may be paid his or her fee out of the trust assets, or be reimbursed for any trust-related expenses he or she incurs. Finally, a trustee generally must provide a written accounting of all of the funds coming into and leaving the funds in trust.
As a trustee to a will how do I arrange a trust fund for young children left money in a will until they are 25 years of age?
You need to consult with an attorney who can review the situation, your needs and the estate and determine what your options are.
What is the minimum age for most senior living accommodations?
It depends on the actual accommodation for the senior citizens. For example, they usually differ between 55 or 62+. For Arbor Acres, the minimum age entrance is 62.
What is the difference between opening a trust account for a minor and a custodial account?
A tust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. A trust can be setup for a trustee of any age, and that age can be specified by the trustor. A custodial account is managed by an adult for a client who is considered a minor age 18-21 years old. Once the client reaches the legal age of their state of residence the account is taken over by the named account holder.
