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Is the trustee responsible for the upkeep of a residence held in trust for a minor?
Wiki User
∙ 13y ago
Yes, that is what a trustee's duties are, to preserve the thing of value entrusted to their care.
The obligations of the trustee regarding the real estate should be set forth in the document that creates the trust. The trust must include a detailed listing of the responsibilities, i.e., to keep the premises in good repair, collect rents, pay utility charges, pay property taxes, keep the premises insured, take care of routine maintenance, etc. There should also be funds available in the trust for necessary expenditures relating to the real estate.
Trusts must be drafted by an attorney who specialize in trust law and who has a good reputation. A trust needs to be tailored to fit the situation and a trustee can only exercise the powers set forth in the trust document, and, only in accordance with the obligations and responsibilities included therein. Therefore, good drafting is essential.
Wiki User
∙ 13y ago
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Who is responsible when a minor causes property damage?
The parents.
Can you sue a minor?
No, you cannot sue a minor. You can sue the minor's parents though because they can be held responsible for the minor's actions.
What is the legal age of a minor in Florida when a parent is no longer responsible?
18.
Are you responsible for debts made as a minor?
if you have not had contact with the company for 6 years no
Can a minor be responsible for a checking account in the state of NC?
No, an adult would have to be a co-signer. Until they reach 18 years of age, minors are not legally responsible for debts or contracts.
Can you put your real property in the name of a minor as a trustee of a trust?
No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.No. You must have a trust drafted by an attorney who specializes in trust law. The minor will be named the beneficiary of the trust, an adult trustee will be named in the trust and the property should be transferred to that trustee to hold for the benefit of the child. A minor cannot serve as a trustee.
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.
Is the trust responsible for the upkeep of a residence held in trust for a minor?
Yes, that is what a trustee's duties are, to preserve the thing of value entrusted to their care.The obligations of the trustee regarding the real estate should be set forth in the document that creates the trust. The trust must include a detailed listing of the responsibilities, i.e., to keep the premises in good repair, collect rents, pay utility charges, pay property taxes, keep the premises insured, take care of routine maintenance, etc. There should also be funds available in the trust for necessary expenditures relating to the real estate.Trusts must be drafted by an attorney who specialize in trust law and who has a good reputation. A trust needs to be tailored to fit the situation and a trustee can only exercise the powers set forth in the trust document, and, only in accordance with the obligations and responsibilities included therein. Therefore, good drafting is essential.
Is there such a thing as a trustee in a dead persons will?
Some wills do set up a trust. If it does so, it will create a trustee, usually for minor children.
Who is responsible for a pregnant minor in the state of Tennessee?
The minor's parents are still responsible for her.
Will states that Trustee does not need to be bonded however the Trustee who was the Testator's son is financially irresponsible. Can I as Guardian of the minor children request that Trustee be bonded?
You may certainly make that request of the court. When there are issues like this, the court may even appoint a different executor.
Is an agreement signed by a parent of a minor responsible when minor turns 18?
no
Is the parents of a minor child that have a child responsible for their baby?
No, the minor parent is.
Can a trust which was set up by a parent for a minor child be revoked by that parent who set up the trust when the minor reaches adulthood without the added trustee's signature or approval?
no little to nothing can be done if you do not get the trustee's approval because it is intended for this individual so if you want to do something you need their permission
What is the legal age of a minor in MD when the parent is no longer responsible?
In Maryland, a minor is someone under the age of 18. Parents are generally responsible for their minor children until they turn 18, except for some specific circumstances such as when a minor is married or emancipated by a court.
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.
Can you still apply for your us residence if you said you were a us citizen when you were a minor and illegal?
no you cant
