Can a beneficiary override a trustee?

A beneficiary can override a trustee using only legal means at their disposal and claiming a breach of fiduciary duty on the Trustee's part. If the Trustee stays transparent and lives up to the trust document, there is no reason to override the Trustee.

What happens if there is more than one executor?

In addition, when there are two executors (or more), each one is legally responsible for the others' actions. If the other person takes funds out of the estate and was not legally allowed to do so, the co-executor is on the hook.

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Trust Agreement - Revocable - Multiple Trustees and Beneficiaries

Middlesex Massachusetts Trust Agreement - Revocable - Multiple Trustees and Beneficiaries

Name: Middlesex Massachusetts Trust Agreement - Revocable - Multiple Trustees and Beneficiaries
Brand: US Legal Forms
Rating: 4.62 (330 reviews)

Category:

Trusts - Revocable

State:

Multi-State

County:

Middlesex

Control #:

US-00648-A

Format:

Instant download

Description

This is an agreement between grantor and trustees for the purpose of establishing a revocable trust. The agreement states that the trustees shall hold and administer the income and principle of the trust for the benefit of the grantors wife and child, and any other children of the grantor born after the execution of the agreement

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How to fill out Middlesex Massachusetts Trust Agreement - Revocable - Multiple Trustees And Beneficiaries?

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FAQ

An executor manages a deceased person's estate to distribute his or her assets according to the will. A trustee, on the other hand, is responsible for administering a trust. A trust is a legal arrangement in which one or more trustees hold the legal title of the property for the benefit of the beneficiaries.

In most situations, it's not a good idea to name co-executors. When you're making your will, a big decision is who you choose to be your executorthe person who will oversee the probate of your estate. Many people name their spouse or adult child. You can, however, name more than one person to serve as executor.

It is recommended to appoint at least two people to act as Executors and/or Trustees. This brings with it the added consideration of whether your chosen Executors or Trustees will be able to work together effectively.

Under the doctrine of merger, if the sole trustee and the sole beneficiary are occupied by the same person, there is no division of property interests between legal and equitable title. Therefore, this would make the trust legally invalid because the two types of title have merged.

Under the terms of a Deceased's Will they appointed one Executor/Trustee to deal with their affairs, however, the Testator created a life interest in their Estate and therefore two Trustees should have been appointed.

A beneficiary can override a trustee using only legal means at their disposal and claiming a breach of fiduciary duty on the Trustee's part. If the Trustee stays transparent and lives up to the trust document, there is no reason to override the Trustee.

Both the settlor and/or beneficiary can be a trustee, however if a beneficiary is a trustee it could lead to a conflict of interest especially when trustees have the power to decide by how much each beneficiary can benefit.

People usually designate one person to serve as the executor of their will, but it is also possible to designate two or more co-executors. Most lawyers advise that one executor is best, as it avoids potential disputes, but there are situations where it may make sense to appoint co-executors.

Yes, it is possible for the same person to be appointed as both Executor and Trustee. In fact, this is not uncommon. There is no legal reason why the same person cannot be appointed in two or more of these roles, but it's important that they are clear on the specific duties and responsibilities of each.

In addition, when there are two executors (or more), each one is legally responsible for the others' actions. If the other person takes funds out of the estate and was not legally allowed to do so, the co-executor is on the hook.

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You would serve as the trustee and beneficiary of your trust during your lifetime. Revocable living trusts are used to avoid probate and to protect the privacy of the trust owner and beneficiaries of the trust as well as minimize estate taxes.Probate records are public, your Revocable Trust documents are private. Several legitimate uses for trusts. On which the form is set out in the text of this manual. Ownership of Account and Beneficiary Designation.

Middlesex Massachusetts Trust Agreement - Revocable - Multiple Trustees and Beneficiaries

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FAQ

What's the difference between an executor and a trustee?

Can a trust have multiple executors?

How many executors and trustees can you have in a will?

What happens when a trustee is also a beneficiary?

Do you need two trustees?

Can a beneficiary override a trustee?

Can you be a trustee and a beneficiary?

How many executors is best for a will?

Can you have different executors and trustees?

What happens if there is more than one executor?

Interesting Questions

What is a Middlesex Trust Agreement - Revocable - Multiple Trustees and Beneficiaries760684?

Who can be a trustee in a Middlesex Trust Agreement - Revocable - Multiple Trustees and Beneficiaries760684?

What are the responsibilities of a trustee in a Middlesex Trust Agreement - Revocable - Multiple Trustees and Beneficiaries760684?

Can the Middlesex Trust Agreement - Revocable - Multiple Trustees and Beneficiaries760684 be changed or revoked?

Who can be named as beneficiaries in a Middlesex Trust Agreement - Revocable - Multiple Trustees and Beneficiaries760684?

What happens if a trustee can no longer fulfill their responsibilities in a Middlesex Trust Agreement - Revocable - Multiple Trustees and Beneficiaries760684?

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