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No. The trustee has the power and authority to handle the money in the trust according to the terms set forth in the trust. The trustee must distribute the profits as provided in the trust and must distribute the remaining trust property when the trust terminates according to the provisions in the trust. The trust may also provide compensation for the trustee.
Generally, yes. One of the primary responsibilities of a trustee is to disburse the trust funds to the beneficiaries. However, for any particular trust you must read the trust document to determine the powers and responsibilities of the trustee since the trustee can only do what's set forth in the trust.
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Should a Trustee for a family trust be paid?
Yes. There is a lot of work involved in being a trustee. The trustee needs to keep an account of all the money coming into the trust and all the money going out. The trustee must be extremely careful to not co-mingle their own funds with the funds of the trust or pay any of their own bills with trust funds. The account books for the trust should be made available to the trustor and the beneficiaries of the trust.
Lawsattorney is responsible for report of trust money?
If he is also the TRUSTEE. It is the trustee who is responsible.
How do you get money out of your trust when trustee refuses?
in estates
Can the trustee of a irrevocable trust buy the house in this irrevocable trust and take a loan out on the house to pay the other beneficiary?
You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.You need to review the terms of the particular trust in order to determine what the trustee can and cannot do. A trustee has only the powers set forth in the trust document. Generally, a trustee should bot take money from the trust for his/her own use.
If a house is placed in an irrevocable trust does the trustee have the right to borrow money to reinvest in the house for improvements and maintenance?
You need to review the powers granted to the trustee in the trust instrument. The trustee may need to get court order if the power to borrow money was not granted in the trust.
Can a trust lend money to a beneficiary to buy a house even though the trust usually distributes income to the beneficiary at year end?
You need to review the terms of the trust. The instrument that created the trust sets forth all the powers of the trustee. You need to determine if the trustee has the power to loan money from the funds held in trust.
What if the executor of a living trust spends all the money that was in a bank account to maintain the estate for his own personal use Now there is no money to maintain the estate.What can be done?
A living trust has a Trustee (not an executor). You can bring a lawsuit against the Trustee. In the lawsuit the trustee will have to show what was done with the money, and the court will judge whether it is against the law or not. The trustee has a fiduciary responsibility and if that is violated, and there is proof, the trustee will lose the lawsuit and you will win damages.
What is an irrivocable trust?
Revocable TrustsA revocable trust is one where usually, grantor/trustee/beneficiary are the same person. It can be revoked or amended any time until the person's death.Upon death the trust property bypasses probate and assets are distributed to the heirs.ClarificationA trust is a right to hold property for the benefit of another. A trustor (grantor, settlor) creates the trust, places the trust property (land, money, stocks, etc.) in the trust and names both the trustee who will hold power over the trust property and the beneficiaries. A revocable trust can be amended or revoked by the trustor at any time during her life. Be careful with that first statement in the first answer. It is not the definition of a revocable trust. In fact, it is a common trust error. In many states where the grantor, trustee and beneficiary are the same person there is no trust created and the property remains in the grantor's estate. That error can cause serious consequences down the road.
How can a home in a trust be removed by a trustor and put in the Trustor and Trustee name?
You need to review the terms of the particular trust. Each trust is unique and contains all the provisions of the trust and all the powers of the trustee. You need to check to see if the trustee has the power to execute a deed to transfer the real estate.You need to review the terms of the particular trust. Each trust is unique and contains all the provisions of the trust and all the powers of the trustee. You need to check to see if the trustee has the power to execute a deed to transfer the real estate.You need to review the terms of the particular trust. Each trust is unique and contains all the provisions of the trust and all the powers of the trustee. You need to check to see if the trustee has the power to execute a deed to transfer the real estate.You need to review the terms of the particular trust. Each trust is unique and contains all the provisions of the trust and all the powers of the trustee. You need to check to see if the trustee has the power to execute a deed to transfer the real estate.
When a trustor is established does a trustor have the ability to change the trustee in a deed of trust?
A trust is established by a Declaration of Trust. The trustee is the person appointed to hold title to and manage the trust property. The declaration contains all the powers of the trustee and the provisions of the trust. You must review it to determine if and how the trustee can be terminated and a new trustee appointed.
Can a trustee bind another trustee and the trust?
Trusts are managed according to the provisions set forth in the instrument that created the trust. You must review the terms of the particular trust to determine if one trustee can exercise all the trustee powers set forth in the trust instrument.
Does the trustee of a irrevocable trust have to notify all family members of what is left in the trust?
The beneficiaries are entitled to an accounting to make sure the trustee is not wasting the trust assets.
