Trustees who abuse a trust may face legal action, removal from their position as trustee, and potentially be required to repay any misused funds. The beneficiaries of the trust can take legal action to hold the trustee accountable for their actions.
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.
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.
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.
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.
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.
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.
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.
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.
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.
bank mortgage was never recorded with the county. what happens
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.
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.
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.
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.
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.
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.
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.