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The role of the trustee after the death of the trustor must be set forth in the provisions of the trust document. Generally, the provisions provide that the remaining trust assets be distributed to the beneficiaries and the trust terminated. On the other hand, trustors who desire to maintain control even after death may provide for an ongoing trust. In any case you must review the terms of the particular trust for your answer. If the trust has no provisions to address that issue then a judge will need to decide.
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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.
When a trustee dies does the beneficiary of the trust get notified of what is in the trust?
Not necessarily, another trustee will be appointed.
What action do the beneficiary's of a land trust need to do when the trustee dies?
Determine who is the successor trustee
Can you sell a real estate property titled in trustee after owner dies?
Can you sell a real estate property titled in trustee after mother and father dies
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.
What is the difference between a trustee and a successor trustee of an irrevocable trust?
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.
Can executors who have a copy of a will go to the home of the trustee remove items stated in the will before the person is deceased?
No. A will (i.e. Last Will & Testament) is inactive until a person dies. After a person dies, then the terms specified in the will can be executed by the executor/s of the will. A trustee is usually the name given to a person who is involved with the administration of a "Trust". A "Trust" and a "Last Will & Testament" are not the same legal instruments/documents (although they could be referred to in both documents for an executor/s to implement/follow).
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 a second cousin be a trustee?
Certainly, any reliable person can be named a trustee.
When does a person need a trustee?
In bankruptcies a trustee is needed in all cases to administer the assets or determine that there are no assets. The court appoints the trustee in chapter 7 and 13. The creditors determine who will act as a trustee in chapter 11, usually. A trustee is needed if a person establishes a trust.
What happens if a person dies leaving credit card debts and they have placed all their property into a non-revokeable trust?
The Trustee of the Trust is responsible for paying the debt out of the trust funds.
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.
