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Can a trustee refuse to give disbursements to a beneficiary under a living person's trust?
No. The trustee only has the power granted in the document that created the trust. If the trust was drafted properly, there are provisions in the trust document for the removal of the trustee and for appointing a new trustee. If not, then the matter can be brought before a judge and the court can remove a trustee who is violating the terms of the trust.
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 trustees not follow a trust's terms?
A trustee MUST follow the terms set forth in the trust. The trustee has no other authority to deal with the trust property except as directed in the trust document. If you think the trustee is violating the trust you can bring an action in your appropriate court to have the trustee removed and a new one appointed. There may be provisions in the trust for removal of the trustee.
How long does a person remain a trustee for a beneficiary?
The duration of a person's role as a trustee for a beneficiary can vary. It can be outlined in a trust document or decided by the terms of the trust. In some cases, a trustee may serve until the trust is terminated or until a successor trustee takes over.
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.
In a trust what happens to the property when the trustee passes away?
The trust should list a successor trustee. If it doesn't, then will likely need to file a petition with the court to name a new trustee.
What happens when trustee dies?
When a trustee dies, a successor trustee usually takes over the administration of the trust. If no successor trustee is named or available, the trust documents typically outline a process for appointing a new trustee. It is important to review the trust documents and consult with an attorney to ensure the proper steps are taken.
If a trustee who is also one of 7 other beneficiaries of the trust dies before any trust assets are distributed what happens to the part of the trust that was to go to the trustee this is in Calif?
You need to review the trust document for the answer to your question. It should contain a provision for distribution of the share of a deceased beneficiary. If the trustee has died a new trustee needs to be appointed to make the distribution. The trust document should also have provisions for the appointment of a successor trustee.
If a trust is divided upon death of trustee and split into 3 separate trusts and one of the 3 new trustees has already died what happens to that trust?
It depends upon the terms of the trust and the state law governing the trust. The trust document may explicitly say what happens when a trustee dies (or cannot server). For example, a specific individual may be named as a successor trustee, or a corporate trustee, or perhaps the current beneficaries may by majority vote appoint a new trustee. Failing that the appropriate court could appoint a successor trustee. But you should seek legal counsel.
Can one trustee get a loan on property in trust without the signature of the other trustee's knowledge?
bank mortgage was never recorded with the county. what happens
Is it possible to get a mortgage in the name of a irrevocable trust?
It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee of the trust.It depends on the lender. Generally, as long as the trust is valid and the borrower provides a copy of the trust, and an affidavit by the trustee that the trust is in effect and they are the current trustee, the mortgage can be executed. A properly drafted mortgage from a trust would be executed in the name of the trustee as trustee 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.
When the beneficiary dies does the trustee then own the property in the trust?
No. The trust specifies what happens if the beneficiaries are no longer living. It could go to the beneficiaries' estates, or a remainder man, or to a charity. It is possible for the person who set up the trust to leave it to the trustee.
Can there be a trustee and beneficiary to an irrevocable trust?
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.
Can the same person be both the beneficiary and the trustee of a blind trust?
No. The trustee has full control over the assets in the trust. In a 'blind trust' the trustee must be completely independent. If the beneficiary is the trustee then the trustee is not completely independent.
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.
In a Trust what is the Trustee and Trustor?
The trustor is the person who executes the trust and transfers their property to the trustee. Since a trust cannot act for itself, the trustee is the entity named by the trustor to manage the property held by the trust. The trustee holds title to the trust property.
