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.
The person who creates the irrevocable trust is the one who appoints the trustee, because it is his or her trust. It is similar to the right of a person to name an executor in a will. The creator of the trust, sometimes called the settlor, has the right to choose a person he trusts (hence the name "trustee") to handle the property in the trust and to carry out the terms of the trust. In the event that the trustee(s) named in the trust instrument are unable for any reason to perform their duties, the named successor trustee will assume the duties. If no successor is named the probate court can appoint one.
The court appoints someone as the trustee of their finances.
Yes, but the court usually appoints one for you. In Chapter 7, the trustee's job is to gather your non-exempt assets (if any) and sell them to pay the creditors, or to verify (as in most cases) that there's no non-exempt assets.
When a church becomes incorporated, it appoints trustees. The trustees have the ability to change deeds, take out loans, and work with any other legal documents the church requires.
The possessive form of "trustee" is "trustee's." For example, "The trustee's decision was final."
The pope appoints the cardinals.
As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.
What kind of "trustee?" "Trustee" for WHAT?
What is a life of Trustee.
Adams appoints judges
the president appoints and the senate approves