who may enforce a trust?
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“A trust is an equitable obligation, binding on a person (who is called a trustee) to deal with the property over which he has control (which is called the trust property) either for the benefit of persons (who are called the beneficiaries or the cestius que trust) of whom he may himself be one, and any of whom may ...
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The beneficiary refers to whoever receives the property that is part of a trust, while the trustee is whoever controls that property and distributes it according to the trust deed.
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With an irrevocable trust, you must get written consent from all involved parties to switch the trustee. That means having the trustmaker (the person who created the trust), the current trustee and all listed beneficiaries sign an amendment to remove the trustee and replace him or her with a new one.
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An irrevocable trust cannot be modified or revoked without a court order, and usually requires the consent of the settlor, if still alive, and the beneficiaries. If the settlor and the beneficiaries agree to modify or terminate the trust, then the trustee has no standing to object.
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['avoid conflicts of interest;', "treat the beneficiaries equally and fairly (the 'even-handed rule');", 'administer the estate properly (see below: obligations), and.', 'administer the estate in a timely manner (a trustee cannot wait indefinitely to administer the estate). receive, administer and distribute the estate:']
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First, a Trustee is the person or entity that protects and manages the assets in a trust. ... The trust document will have a successor trustee or set of successor trustees. The successor trustee usually takes power when the person that created the trust either becomes incapacitated or has died.
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The creation of express trusts in English law must involve four elements for the trust to be valid: capacity, certainty, constitution and formality. Capacity refers to the settlor's ability to create a trust in the first place; generally speaking, anyone capable of holding property can create a trust.
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As a general rule, a beneficiary is entitled to a copy of the trust document, any deeds of variation of the trust, deeds of appointment and trust accounts. If further information is requested, it is at the discretion of the trustee as to whether it will be provided.
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In New York, a trust does not have to be signed by two witnesses. ... A trust does need to be signed by the person making the trust and by the trustee. Sometimes that's the same person. A trust has to be acknowledged in the same manner required to execute a deed.
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Trusts aren't public record, so they're not usually recorded anywhere. Instead, the trust attorney determines who is entitled to receive a copy of the document, even if state law doesn't require it.
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One way to do this is by leaving the money in a trust, and appointing someone as trustee (the person who controls trust assets) you think will do a good job of doling out the money on behalf of, or to, the beneficiary.
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Upon the life tenant's death, or if the trust comes to an end due to a condition under the will, the asset will then pass to the beneficiary. The trust of the property commences on your mother-in-law's death and from that point onwards, the trustees of her will are responsible for the property.
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The trust agreement does not legally need to be signed by the Grantor in front of a notary public (if they do not intend to file it with the county clerk) but it could effect the beneficiaries when it comes time to distribute the assets.
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A trustee can borrow against real estate assets owned by an irrevocable trust as long as the original trust documents allow for borrowing against real estate.
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The “settlor” is the person who creates the trust. To create a trust or “settlement”, the settlor will transfer assets to the trustees who thereafter hold the property “on trust”. The trustees have a duty to “regulate the enjoyment of the trust property by the nominated persons”.
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An individual named as a trust or estate trustee is the fiduciary, and the beneficiary is the principal. Under a trustee/beneficiary duty, the fiduciary has legal ownership of the property or assets and holds the power necessary to handle assets held in the name of the trust.
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In general, the trust agreement is a private matter. Once the agreement has been signed and executed, there are typically no formal filing requirements. State law may vary, however, and require the trust agreement to be filed with a court or government body.