Estates

You need to review the trust document to determine whether you have that power and how it must be exercised.

The best ... and only ... advice we can give here on this is "contact an attorney." The procedure is going to depend on the jurisdiction, and you're almost certainly going to need an attorney before this gets resolved anyway.

If the administrator (do you mean executor?) is a family member or friend you might talk to them first; you might be able to resolve this amicably (maybe there are very good reasons for what you perceive from the outside as "bleeding the estate dry"). If not, it's lawyer time.

The only document needed to set up a trust is the trust document, or, the Declaration of Trust. The trustee and all business carried on by the trustee must rely on the provisions in that trust document. It should always be drafted by an attorney who specializes in trust law in your jurisdiction since the trustee can only exercise the powers set forth in the trust document. An invalid trust can create problems that are costly to correct and must be addressed by a judge in a court of equity.

The estate must be probated. The duly appointed estate representative has authority over the property. The beneficiary cannot take full possession until any debts of the estate have been paid and the estate has been settled.

The first step is to hire an attorney who specializes in probate who can assist you in petitioning to be appointed the personal representative of the estate.

A petition for probate should be filed where the decedent resided.

In cases where the decedent owned real property in another state their probate (usually consisting of attested copies of the original filing) must be filed in the state where the real estate is located.

For example, if a resident of Florida died their estate must be probated in Florida. If they still owned real property in Massachusetts at their time of death, an attested copy of the Florida probate must be filed in the proper county in Massachusetts in order for the title to the real estate to pass to the heirs legally or for the administrator to be able to sell the property.

You must be the duly appointed fiduciary and generally, you need the court's permission.

No. That would be considered stealing from the estate.

The person appointed by the probate court is the "duly appointed fiduciary". No one has the authority to settle an estate until they have been duly appointed by the probate court.

During the life of the trustor.

A trust is a very useful estate planning tool. Need depends on the size of your estate since a well drafted trust may cost a couple of thousand dollars or more depending on the complexity and the trustees may need to be compensated for their management of the trust. However, even simple estates can benefit from estate planning. Generally, a person sets up a trust in order to remove property from their personal ownership. Transferring real property to a valid trust protects it from creditors and lawsuits and can be used as a way to bypass probate. A trust can specifically designate how the trust property will be distributed outside of inheritance law, or hold property and continue to distribute the profits to the beneficiaries.

A trust should always be drafted by a professional who specializes in trust law, to fit your personal needs. Generic trusts can be extremely risky, resulting in errors that can be extremely costly to correct.

A residuary trust is set forth in a Will and is non-revocable after the death of the testator. It can be amended or revoked while the testator is still living.

It would be possible depending on the details. For example, the current trustee could execute a valid lease on behalf of the trust. If a successor trustee was appointed, the trust would still be subject to the terms of that lease so the successor trustee would be obliged to honor it.

Yes. Any property owned at the time of death is a decedent's estate.

There is no upper limit. The shortest time possible is typically 90 to allow people to file claims against the estate.

The court must be notified and another interested party must request appointment as the successor.

Generally, next of kin for legal purposes would be the spouse. If there is no spouse then the three biological children of the decedent would have equal standing as next of kin. However, laws vary so you should check the laws of intestacy in your particular jurisdiction.

Generally, the home must be sold to pay the creditors. If the heirs want to keep the home then they must pay off the creditors.

It is likely that the deed is invalid. There are statutory requirements to transfer legal title to real estate from the estate of a decedent. The estate must be probated for legal title to pass to the heirs. You should contact the attorney who is handling the estate or consult with a probate attorney if an estate has not been filed with the probate court.

Yes. Generally, they can be the grantors and the trustees. Trusts should always be drafted by an attorney who specializes in trust law in your jurisdiction so that the trust will meet your personal needs and your questions can be answered by someone who is familiar with your trust.

Jumbolair Aviation Estates is a fly-in community in Ocala, Florida.

The executor can rent the house. They are responsible for making sure the estate stays solvent and the property is taken care of.

Untouchable savings until a child turns a certain age is the purpose of a child trust fund. A child trust fund can be started by a parent or grandparent who maybe wants their child or grandchild to have money saved for a certain item. By putting the money in a child trust fund, and designating an age, the child cannot touch that money until he/she reaches that age.

A business trust is a commercial business organization run by a trustee or group of trustees. Their main purpose is for the trust to manage or administer the business for the benefit of non trustees or beneficiaries who hold an equal interest in that business.