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Yes. A properly drafted trust shields the beneficiary from being personally liable for lawsuits involving the trust property.
Yes. A properly drafted trust shields the beneficiary from being personally liable for lawsuits involving the trust property.
Yes. A properly drafted trust shields the beneficiary from being personally liable for lawsuits involving the trust property.
Yes. A properly drafted trust shields the beneficiary from being personally liable for lawsuits involving the trust property.
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What action do the beneficiary's of a land trust need to do when the trustee dies?
Determine who is the successor trustee
Can beneficiary of trust tell a trustee what to do?
They most certainly may not! The entire purpose of the trust is to prevent the beneficiary from controlling the trust. The responsibility lies with the trustee to maintain the trust as it was set up. Actually, it depends on what kind of a trust is involved. For example, a Land Trust is beneficiary driven....meaning the beneficiary tells the Trustee what to do by letter of direction. Most all other types of trusts are Trustee driven and decisions are made by the Trustee. Randy Hughes
Is there a simple way to to change a trustee of a land trust in KY if the land trust gives authority to the beneficiaries and I am the only beneficiary?
You must look to the trust document to determine how you make a change in the trustee. You must follow the provisions in the trust.
How do you transfer trusted land into the beneficiary?
You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.You need to review the provisions of the trust for instructions on how and if the title can be transferred by the trustee to the beneficiary.
Can trustee be a beneficiary in a land trust?
A person should not be the sole trustee and the sole beneficiary. That arrangement may not constitute a valid trust and the trust property would be vulnerable to creditors and taxes.Trust law is one of the most complex areas of law. Many trusts drafted by lawyers are invalid. More trusts drafted by non-legal-professionals (such as accountants) or created by fill-in forms (purchased online) are invalid. You should always have a trust drafted by a local attorney who specializes in trust and tax law in your jurisdiction and who has a good reputation.The short answer is yes, but you would never want to do this. In a Land Trust situation you would be giving up the anonymity benefits AND a judge reviewing the trust would invalidate it because of a "merging of interests" between the Trustee and Beneficiary.Randy Hughes
What does beneficiary name mean?
It means that the land of chicken is on fire
Why were the French forts intimidating to the English along the coast?
cause they didn't wear any swimming suits on the beach
When was The Trust for Public Land created?
The Trust for Public Land was created in 1972.
When was Land Trust of Virginia created?
Land Trust of Virginia was created in 1991.
When was Capitol Land Trust created?
Capitol Land Trust was created in 1987.
When was Vermont Land Trust created?
Vermont Land Trust was created in 1977.
When does land subject to a trust have to be sold?
Maybe never. Trusts can hold property indefinitely, beyond the lifetimes of those humans who set them up. If that is the wish of their creators, and if they were drafted carefully and correctly by an estate planning attorney.What does the trust document itself say about this subject? That's where I'd look first.The only obvious answer that I can think of without seeing the documents and knowing all the details is this: When the trust is no longer of any value to the beneficiary. When the core purpose of the trust has become unlawful, frustrated or obsolete.
