In a trust, who are the currently acting trustees? Also, is it possible for a trustee to be a beneficiery.... or is a beneficiery of the trust just a beneficiery and has no authority within the trust itself? Whats the exact meaning of revocable vs irrevocable?
137302
On a living trust, whomever the trust designates to be the acting trustees, are the trustees, and if they are living normally its the person who created the trust, unless that person cannot think for him/herself for medical reasons.\n\nNormally the trustee cannot be the beneficiery.  There are certain clauses.  \n\nA revocable trust is a trust that can be amended or revoked by the trustor after it is created. In contrast, an irrevocable trust cannot be amended or revoked by the trustor after it is created.  A revocable trust becomes irrevocable upon the trustor's death, since the trustor is no longer able to change or revoke the trust.\n\nHope this helps.
618126
Possession is 9/10's the law, therefore since you are acting on behalf of the bank who owns the property, you don't have to contact the people.  I'm sure they've had plenty of notices, too.  Those people no longer own the property, therefore their personal belongings no longer belong to them.
256155
there is a time when the executor will wrap up loose ends and close bank accts etc-- after that, the 'case is considered "closed"  if you have questions or complaints you should address the person who was appointed to be the executor and try and work things out- if some time has passed & you have not received 'satisfaction' - consult an attorney  thanks  the brain
366036
The money or property is held "in trust", or controlled by the trustee for the benefit of the child. See the link below.
375217
Hi Sundance,\n\nIf they relinquish all legal and equitable interests in the property prior to this eventuality then there is no property to sell.\n\nPerhaps an express trust might be in order?\n\nAssuming your parents are in good health at the moment and this will not happen in the next few years then I cannot see a problem.\n\nEg. If they sold the house and gave you all the money from the sale tomorrow and you spent it the day after then the money is gone, is it not? That asset no longer exists.\n\nHave a talk with a solicitor that specialises in equity and trusts if this is of interest to you.\n\nThe other alternative is to sell the property with the clause that they continue to live in it for the rest of their natural lives. There are companies that do this and your parents live there rent free.\n\nThey can do what they want with the money.\n\nThis is another alternative to ensure the money goes where it is intended.\n\nAgain, speak to a solicitor.\n\nGood luck.
491406
But the plaintiff seems to have won. "The appeal must be allowed and the judgment be reversed. It must be declared that the defendant purchased the Delmar estates as a trustee for the plaintiff, but subject to a charge for the amount paid to the Dutch company."\n\nIn this day and age (and ignoring the point that Roman Dutch law may have been relevant) one would want to look at (depending whether you are in England or in the USA):\n\n-- the law regarding registration of title and charges to land\n-- bankruptcy law (but the rights of trust beneficiaries are similar today)\n-- statutes in derogation of the common law, particularly regarding limitations\n-- the law of adverse possession.\n\nJust some ideas.
100835
Someone who dies without leaving a will is considered "intestate"  \n\nThe major difference between dying testate (with a will) and dying intestate is that an intestate estate is distributed to beneficiaries in accordance with the distribution plan established by state law  (from http://law.freeadvice.com/estate_planning/wills/what_is_probate.htm)\n\nThe executor can't just distribute the estate however they choose.  This would have to be court supervised.\n\nEach state has laws regarding "intestate distribution".  \n\nDon't know what state you are in, but you can do internet search for "intestate distribution STATE" to see how the estate should be distributed.\n\nIf you suspect there was a problem with the distribution, contact a lawyer, you probably can still contest it.
50526
The original creators of the trust or foundation, originally, and then the bilaws will tell how to choose new ones after that.  Generally, they are voted in by the current trustees.
521577
Do you mean savings trusts?\n\nOr how to trust another person or government?\n\nOr trust funds?\n\nOr NHS trust?
201319
This question depends on a lot of things.  If you are just a beneficiary of a trust and not the owner, you should get a K-1...which, I beleive only includes your distributions from the trust so you can report it as income.  If you are the owner of the trust, it will depend on what type of trust you have.  Some trusts, such as Revocable Personal Trusts, have their own Tax-ID, so the income is not reported under your Social Security number.  You will still have to report all distributions as income.  And taxes are still paid on the assets in the trust, they are just deducted from the trust, not your pocket (still your money though).  There are other trusts, such as Agencies, in which you have to report the income on your personal tax return, you should receive a 1099 or multiple 1099's for this income (1099-Div, 1099-Int, 1099B(for capital gains)).  No matter what you have, tax will have to be paid on something.  If you have a more specific question on the matter (including whether you are beneficiary or owner and what type), I will be happy to try and answer your questions.
41032
Assuming that you want to retain control of the property, you could convey title to a revocable trust or a corporation wholly owned by yourself.  But your state may have a statute that provides that a revocable trust's assets are considered the same as the settlor of the trust, and there is the alter-ego doctrine that can penetrate the corporate veil if you treat the corporation's assets as your own or if you fail to observe the corporate distinction.\n\nAnother way of protecting real property is to create a liability shield on the activity that could give rise to a judgment against you individually.  For example, say you're a sole proprietor general contractor, if someone gets a judgment because of your contracting business, the judgment will be against you individually and the judgment lien could attach to your real property.  But if you're incorporated or an LLC, then the judgment would be against your company and not you.\n\nAlso, make sure you have adequate insurance.  This is critical.  Consider an umbrella policy.\n\nFinally, get real advice.  Talk to an attorney, CPA and an insurance agent.  You need good advice with respect to the law, taxes and insurance.  Good luck.
267925
IT DEPENDS ON YOUR POSITION. IF YOUR A FAMILY MEMBER IT SHOULD BE FAIRLY EASY TO SPEAK WITH THE FAMILIES ATTORNEY AND GET THE INFORMATION. IF YOU DON'T HAVE A VESTED INTEREST IT MAY BE A LITTLE MORE CHALLENGING, THESE TRUSTS ARE RECORDED BUT AREN'T GENERALLY A MATTER OF PUBLIC RECORD. IT WOULD PROBABLY BE WISE TO DISCUSS W/AN ATTY. IF YOU HAVE A GENUINE NEED TO KNOW A JUDGE COULD GRANT A REQUEST TO PROVIDE INFORMATION TO YOU.
324339
An income trust is an investment trust that holds income-producing assets. The term also designates a legal entity, capital structure and ownership vehicle for certain assets or businesses. Its shares or "trust units" are traded on securities exchanges just like stocks. The income is passed on to the investors, called "unitholders", through monthly or quarterly distributions. Distributions are typically higher than stock dividends, offering yields of up to 10% a year (up to 20% for riskier trusts).\n\nThe unitholders are the beneficiaries of the trust, and their units represent their right to participate in the income and capital of the trust. Income trusts generally invest funds in assets that provide a return to the trust and its beneficiaries based on the cash flows of an underlying business. This return is often achieved through the acquisition by the trust of equity and debt instruments, royalty interests or real properties. The trust can receive interest, royalty or lease payments from an operating entity carrying on a business, as well as dividends and a return of capital. (Source: Canadian Ministry of Finance.)\n\nThe main attraction of income trusts (in addition to tax advantages) is their ability to generate constant cash flows for investors, which is especially attractive when interest rates on bonds are low. They are especially useful for financial requirements of institutional investors such as pension funds. (Investment Dictionary)\n\nThe names income trust and income fund are sometimes used interchangeably, even though most trusts have a narrower scope than funds. Currently, income trusts are most commonly seen in Canada.
182480
anytime a court issues an order to you consider it like ur own little personal set of laws... if someone breaks one of the orders of the court then they can be charged with contempt of court...\n\nIn order for the trustee  to get in trouble significant paper work must exist document every little thing they do.. if u feel that ur trust is in danger u may need to hire an attorney to look into the mater for u
434792
If you are talking about during a bankruptcy proceeding, the answer is no.  Only the BK trustee can seize property.  If you are talking about something else, it would require a court order to seize any property.
182357
Anyone at all can establish themselves as an estate agent except someone who has been made bankrupt.\n\nThere is mounting pressure on the government to make it compulsory for estate agents to be registered but at the moment there's no such scheme in place.\n\nThere is a voluntary scheme which agents can subscribe to and this is operated by the National Association of Estate Agents (NAEA) whose address (I think) is 21 Jury Street, Warwick.
226517
Wills don't have to be probated.  But until they are, there is no legal force behind them.  The court decides when it has been properly executed, that it hasn't been revoked, and that the person who wrote the will was the person who died.  If the will isn't probated, then you better be sure that there are NO disputes, because anyone can come out of the woodwork and say "um, that mobile home was actually supposed to go to me."  Not that this claim would win, but probating the will would help protect against these types of claims.\n\nThe reason you're selling off the property and dividing the proceeds is because cash is easier to split than personalty (personalty being personal property).  The titles to this property are irrelevant because as soon as your mother died, they were transfered to her estate and you and your sister are the beneficiaries to that estate.  So no, this is not why the will had to be probated.\n\nThe lawyer who administers the estate on your behalf has a right to charge however much he wants to.  It's your duty to ensure that this is not overly burdensome.  But if you signed a contract saying that he would get 5% of the estate, then it's more than likely too late for you to back out of that.  I personally don't believe that 5% is outrageous when it comes to working with the courts to make sure that everything is handled properly.  Just make sure he's keeping his side of the bargain by informing you when you have to file returns, what taxes (if any) are supposed to be paid, and when the probate process is going to be over.