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In an irrevocable trust if a trustee breached his or her fudiciary duties as a trustee by stealing can the trust be changed?
Supermario6
No, the trust cannot be changed, but the trustee can be removed and a successor trustee appointed. Usually, the trust document names a successor trustee, who would usually be the successor trustee. If there is no successor trustee named, the court will appoint one. The terms of the trust, meaning how the property and income is to be treated will remain the same. The only situation that changing of the trust itself might come into being is where there is so little value left in the trust that it cannot accomplish its purposes. In that even, if there is no reasonable prospect to recover the stolen money, the court would most likely terminate the trust and direct distribution of the remaining funds in an appropriate manner.
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∙ 15y ago
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Can an irrevocable trust be changed by the trustor?
No. The grantor retains no control over an irrevocable trust, legally.
What if the trustee breached her fiduciary duties and was steatling out of the trust can that irrevocable trust be changed by the grantor?
Unless the trust has provisions for removal of a trustee then an interested party would need to bring an equity petition to the appropriate court to have the trustee removed and a successor appointed. If there is a substantial amount of money involved you should seek the advice of an attorney and file your petition ASAP.
Can the name of an Irrevocable Trust be changed?
You must review the instrument that created the trust to determine if and how amendments can be made to the trust.
What ways has the judicial system changed since 1930?
because
What has changed snice the 1900's with lawyers?
it hasn't lol
Can an irrevocable trust be changed by the trustor?
No. The grantor retains no control over an irrevocable trust, legally.
Can an irrevocable trust be changed or a new one created if never funded?
Can an irrevocable trust be changed or a new one created if never funded; without beneficiary consent?
What word means not able to be changed that starts with ir?
irrevocable
Can the proceeds of of an irrevocable beneficiary be attached?
Irrevocable in this case means the bene cannot be changed. Any proceeds to bene are assets after they have been dispersed.
Where is the form for the irrevocable trust Is the living trust the same as an irrevocable trust?
The biggest difference between the trusts is that the Living Trust is revocable and can be changed over time. For detailed information visit: http://www.ultratrust.com/revocable-trusts-vs-irrevocable-trusts.html
What does it mean when a revocable trust becomes irrevocable?
That means the provisions of the trust agreement cannot be changed.
What if the trustee breached her fiduciary duties and was steatling out of the trust can that irrevocable trust be changed by the grantor?
Unless the trust has provisions for removal of a trustee then an interested party would need to bring an equity petition to the appropriate court to have the trustee removed and a successor appointed. If there is a substantial amount of money involved you should seek the advice of an attorney and file your petition ASAP.
Can the name of an Irrevocable Trust be changed?
You must review the instrument that created the trust to determine if and how amendments can be made to the trust.
What does the term irrevocable mean in a bank or checking account?
In the context of a bank or checking account, "irrevocable" means that the actions or decisions associated with the account cannot be undone or reversed. For example, if a transaction or transfer is marked as irrevocable, it cannot be cancelled or revoked once it has been initiated. This term is used to indicate that the action is final and cannot be changed.
In regards to finance what does the term irrevocable trust refer to?
In regards to finance the term irrevocable trust refers to trust that can not be changed or ended without permission of the beneficiary. The grantor removes all of his or her rights to both assets and the trust.
Blacks stealing vs whites stealing?
The penalty is the same for both, the morality is the same for both. If you live in a place where this is not true, find out how that can be changed.
When a revocable living trust becomes irrevocable at death can the sucessor trustees be changed by the current trustee?
Yes, if that power was granted in the trust instrument.
