A trustee is the person who takes care of all the properties of the trust for the benefit of the beneficiaries. An agent on a trust is a third party that takes care of the trust on behalf of the beneficiaries.
Yes, there is a difference between a trust and a will. A trust is a legal arrangement where a trustee holds assets on behalf of beneficiaries, while a will is a document that outlines how a person's assets should be distributed after their death. Trusts can be used to manage assets both during someone's lifetime and after their death, providing more control and privacy compared to a will.
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.
fiduciary and trustee
A trust company is a company that acts as a trustee for people and other entities and that sometimes acts as a commercial bank. A sole trustee is the person or other entity appointed to manage a particular trust according to the provisions set forth in the trust document.
The trustee is the person who presently has the authority to carry on the business of the trust. If the trustee dies, resigns or is for some reason unable to continue their duties then a successor trustee is appointed. A well drafted trust will name a successor trustee and a process by which successor trustees may be appointed. If the trust instrument fails to provide for the appointment of a successor trustee then a court of equity can be petitioned to make an appointment. Once appointed, the successor trustee has all the powers and duties of the original trustee.
You need to check the provisions of the trust to determine if an agent can be appointed.
Property that will become trust property must be transferred by the legal owner to the trust. Bank accounts can be reopened in the name of the trust and its trustee. Real property must be transferred by deed from the the record owner to the trustee of the trust. Since a trustee is the agent with the power to act for the trust, real property transfers should be made to the trustee. For example, a deed should recite the grantee in this form: Julia Roberts, as Trustee of the Pretty Woman Realty Trust dated 3/23/1990. Since the trustee will have full power to control the trust property it is essential to choose a trustee whom you have deemed to be completely "trustworthy".
Fiduciary is essentially a trustee. It relates to the relationship between a trustee and a beneficiary when a trust is involved.
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.
Yes, a trustee can act as an agent for the beneficiary, but this is typically limited to certain circumstances where the trustee is authorized to do so. The trustee's primary duty is to manage the trust assets in the best interest of the beneficiaries, and any actions taken as an agent must align with that fiduciary duty. However, the relationship and responsibilities of each role should be clearly defined to avoid conflicts of interest.
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.
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, they are two different things. A trustee administers a trust and has a fudiciary duty to maintain it as specified by the trust. A power of attorney is someone that is representing another 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.