Five Duties Of A Trust’s Trustee
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- Опубликовано: 23 авг 2020
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A trustee of a trustee often takes certain actions, and beneficiaries of the trust wonder whether that action falls outside the range of duties that a trustee has toward the beneficiaries.
Many trust instruments specifically describe the duties of a trustee. And to the extent a particular trustee duty is not defined in the trust instrument, state trust law may define that duty.
It is important to note that provisions of trusts that limit a trustee's duty of loyalty to the beneficiary are ineffective.
Trustees of trusts have certain defined duties regarding loans from trusts, sales by a trustee to or from himself, trustee annual accounting to beneficiaries, the requirement of trustees to furnish information, and the fact that trustees are bound to act as a prudent administrator.
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Paul Rabalais
Estate Planning Attorney
3:48 we finally get to the title of this video, 1. Trustee cannot borrow money from the trust. 2. Trustee must not buy or sell directly to himself from the Trust. 3. Duty to keep and render clear and accurate accounts of activities for the year. 4. Duty to furnish information upon request.
Thank you. Too much rambling from the lawyer.
@@William14094 😂😂😂👍🇦🇺
Thank you
Great info!!! I was named trustee of my own trust. Hopefully this makes things less complicated in the future.
Thank you for the video!!! We learn a lot from you! Thank you!
Thank you your video help a lot recently my mother's husband died and left me trust beneficiary I didn't understand my mother told me the deal and I'm waiting for copy in the mail I had to give my information to her bank and when I get the letter I'll read the document. So you have a like & new subscriber 👍
Estate planning is so important !
A friend was in a car accident. She is now asking me if I would consider being a trustee. But I don’t know what all it entails. Thank you for explaining some of it.
Hello Paul I love your content and the various videos you have in regards to trust. If as a grantor gives the trustee the power to pay income installments and the right to invade principal for the benefit of a grantor with one beneficiary being a minor? What would be the consequences or implications? The grantor has a foreign EIN from the IRS. Thank you for any advice or guidance if possible.
Thank you for sharing this knowledge! I’m interested in studying law, I was thinking about taking a paralegal course coming soon. Do you mind if I know the book you referring to? Also, do you offer trustee services to Georgia residents ? Thanks -amber
Why is there limited information on the trust indenture? Also, what are mandatory documents required within a living revocable? Thank you.
Very helpful! I wish you were in West Virginia. Any references? Thank you!
He makes it sound easy. Our trustee got a lawyer to go thru for all communication bc we could not get in touch w them as they vacationed around the world! And his money under false documentations like a check for one thing from trust to some person and lie about what it’s for and take cash from said individuals and pay individuals money out of trust money to hide the trustee was skimming money!!! No! Never do a trust
Contact IRS CI fraud investigation unit and report this. If money from Trusts are embezzled its taxable to IRS and you should be paid restitution from IRS RESTITUTION LAWYERS after investigation is completed and embezzlement found. Dont QUIT.
You mentioned annual accounting and the requirement to furnish information. I really think I need to do that. However, the beneficiary is my 6 year old son. Do I have any right to advocate for him? If so, Do I just send a message with the request? My ex-spouse was allegedly killed a year and a half a go. Obviously, I became a sole single custodial parent. There were many traumatizing aspects of this crime that distracted me from some clarity in thought and some related occurrences kept me focused on surviving and prioritizing our son as my number one priority. Once I was able to focus more I began to reflect on an insurance policy that I had that provided for a monthly payout that would substitute a child support payment in its utility and amount, as well as an amount of money to cover initial expenses related to my death including an amount for anything my son would need to deal with my death and fully move to his moms on a fulltime basis. Then I thought maybe my ex had a policy and sent a message to all of her family and friends to see if anyone knew. I just found out (18 months after death) that she in fact did have a policy. However, the person who came forward revealing that there was insurance says that my ex designated her to keep the life insurance money in trust for my son. I was not able to get any other information because she then accused me of asking for handouts, said that my son would suffer in my care, and accused me of abusing my ex - which is entirely way out there. I simply asked her if she knew what her legal obligations were in regard to this trust and her response was that I was threatening her and amongst several insults on my character stated that the money was for my son and him only and not for me to squander it away. Meanwhile I am well known for being very financially responsible, I am educated in finance, and frugal with money and have never exhibited any behaviour to lead someone to think that. This "trustee" lives over 2000 miles away and has met me once, so she doesn't know me at all.
Thanks for the video. What must happen if a Director is transgressing the rules?
This is scary - I am single a Covid Victim - lost everything almost my life. I had to move in with my parents and I have seen 1st hand how my brother and sister who have moved in with my parents 10 years ago are shielding the living will from my parents. ... my parents have said they have been forced in a way not to include the other children as coe-owners of their properties due to those living with my parents and shielding them from their living will - they have even went so low as to designat themselves as trustees and in their opinion my parents are mentally incompetent in wanting to upgrade their living will. ... when I talked with my parents they stated that they were ok that their properties be equal divided in such a way that their will always be a roof over their heads and if one sells out to another that we kids have the properties managed in such a way that there be a roof over their heads - even if that means renting rooms out to pay for each years properties taxes - so their kids will always have a roof over their heads. ... if that is their wishes I have no problem with that ... but the 2 who have delegated themselves as trustees want to sell and move to HI ... I am scared that my parents wishes will be forgotten.
This is wonderfully helpful. Q: Under Trust Codes of Trustee must work solely in best interest to beneficiaries and trust gives power to raze buildings, is it a rational argument that trustee is required to remove a dangerous, collapsing barn that has been deemed dangerous to humans as ins refused to insure. ie..how can trustee work in best interest while placing his beneficiary in risk of experiencing both personal or legal injury when provided the power to avoid such on behalf of his beneficiary though trust states with all encumberances. I get its an encumberance but it is also a not in beneficiary's BEST interest same as a undetinated WWII bomb would be or toxic spill the settlor was unaware had occured.
Hi Paul, I'm in Toronto Canada and I'm having huge issues with my trustee. Is there RUclips videos from Canada you can refer me to watch regarding Canadian trustee rights and my rights as a beneficiary?
Hi Paul, I was a trustee of my wife’s SNT.
The trust started in 2006 and the funds
where depleted in 2016.
Can you tell me how long I must hold
on to several boxes of paper work?
Thanks
Thank you for your great content Sir.
Glad to do this Biz 😎
How long does the Trustee have after the trust creator(s) die to close out the trust?
Is there any way of putting pressure on the trustee to expedite the closure??
Sir. I was involved in my father's estate for 4.7 years. I finally settled it with my stepmother and brother. My problem involves the Clerk of Court and Deputy Assistant Clerk whom without a doubt did In fact Violate my rights and broke several laws including conspiracy accepting Falsified Documents from one party in order to delay and extort me into a settlement agreement. The Deputy Assistant Clerk also quoted partial law concerning elective share and gave the other attorney 32 months extension of time sometime with a petition from said lawyer the last time she gave was 14 months on a single petition. Can the clerk of court break the written laws in general statue or are they held accountable for crimes committed by the Clerk of Court and Deputy Assistant Clerk Who do I need to see to bring them to accountability of their crimes
Hello Paul. What if siblings both qualify as potential co-Estate Trustees? Can a lawyer represent both siblings?
Do you have any examples of conflict of interest from a trustee with a beneficiary?
Very Very Complicated and hard to understand !!!
I would like to know, how can the trustee change the distributions he was giving me? For example my sister was my trustee, and she made a budget for me yearly. I'm on SSI and Medicaid and she would set aside a budget per season for my clothes etc. This trustee changed everything and will not allow me to get any money except my stipend. My sister started that due to need. He really takes the purpose away from my trust. He will only pay my electric and taxes on my home insursnce and his invoices and fees. No more money from my trust! Thank you. Lynn
I will be in the same situation as you. I'm my mother's caretaker as of now. But time flies and I'm in her will. I'm working with her now on this. It's so sad. I hope I go first. Can you give me any advice? 👍
I have a trustee who was paying my condo maintenance fees how do I find out who it is in Hernando County Florida
Thanks for the video. I am planning to open a charity which will involve me helping people with mental health issues. The only issue is I am not sure who I can use for trustees. Could you help? Thanks George
My mom who took care of a man for many years ended up as a trustee for his only living daughter the daughter is doing whatever she wants and my mom doesn’t want to get in trouble she doesn’t actually want anything to do with it. she got ripped off $5000 for a lawyer to just probate the will , big deal we could’ve did that he didn’t answer any other questions as what she really needed was advice on what to do and not to do as a trustee.
continuous trustee and Listed as a beneficiary I believe when that if the daughter passes
Who is responsible in giving a beneficiary a copy of the trust the estate attorney who wrote it up or the truste. I asked a copy from the estate attorney she Said my son who is trustee is. I asked her how much the trust was worth and she she couldn't give that info she was very vague and my sister is the executor and she won't even talk to me my son has already put stipulations on it and I don't what to do I can't get any info from any of them about what I the beneficary is getting from the trust
Isn't a Trustee required to make sure all Taxes are paid and comply with the Tax rules or laws ???
My trustee keeps refusing docs n updates sadly I'll need to get a lawyer.
Please explain that they don’t just give you information like that. You have to get a lawyer and money and go to court they can file for extensions as if a year isn’t long enough! They make money paying themselves for anything! Jesus they won’t say how horrible trusts are!
I am a beneficiary of a trust and my dad passed away, and my mother is in a memory home because the trustee put her in there & were not allowed to see my mom, am I entitled to see the trust or get a. Copy of the trust?
The house was in the trust & I was to get 1/2 ownership, but the trustee had us evicted, and sold the house! Is that legal?
Did it not become irrevocable, once my dad passed away?
You should have been talking to a lawyer the second they put your mom in a home . trustee isn't allowed to spend money that is not for the trust so if the house was left in the trust for you or half as you said the money should have gone straight to the trust and still be there get a lawyer sooner than later I was always told for every day that you let foul Play go on times that by 30 days for the court to do anything about it , I'm currently going through the same thing sort of I'm a main beneficiary to my grandmother's trust she raised me and as I got older I moved back in to help her with my quadriplegic grandfather and then when he passed away I came back around a few years later to help her maintain her property so she informed me about her will and living trust she passed away 2 weeks ago and now my uncle is saying she didn't have a trust or a will and she left everything to her dog (lol) and his wife is the trustee so I am immediately contacted the lawyer who confirmed that there is a trust and he had already sent orders of distribution to them but so far on my end it's crickets it's crazy how quick family and family friends will switch up on you when money is involved
Need to hire you today....Im in Colombia and my family has declared me crazy....a false prophet....it has been 15 yrs since my sister...one who handled my father's money has given me information about MEJIA TRUST....
My father died....and I have no Rights to ask my brother or sister about my mom's finances....shame on me. Love your information
I live in Fl & I’m the beneficiary, my adopted daughter is the first trustee. My husband being gone three years and they have not said one word to me as to what I have. Things went south real fast. She said that she’ll wait 10 years before she give me anything. Can she do that?
Gat an attorney
Any update?
Of course not, in this video the attorney said all beneficiaries are entitled to accounting disclosures, statement with a reasonable time. Bi-annually, annually or so.
More power
Wow 😢
My parents tied me to 2 of the most lying, cheating, rule breaking people I know, my step sister and her son. Me and my step sister and her son are both beneficiaries with my step sister being a co-trustee along with myself ( I am also a beneficiary) It has been 14 years of he'll and I do not appreciate my mother (who talked my dad into this crappy arrangement) for doing this. My mother and sister is categorized as covert narcissists. My sister was allowed to live in my parents house (which is part of the trust assets) for 13 years after my parents passed. She was to maintain the home as my parents did but she did not. The whole situation would have been somewhat tolerable if my step sister hadn't dis-owned me after my parents passed. It's like being handcuffed to an insane gorilla.
What is the trust instrument?
The bylaws
And my sister the executor never notified me about the will or the trust I found out searching online and called the estate attorney my sister called my kids and asked I how I found out red flag 🚩 num 1 and then told my kids before I found out that my dad didn't leave anything to me the estate attorney told me yes my dad left a family trust and I'm a beneficary And he made my son the trustee so what options do I have doesn't my dad's estate attorney who wrote the trust up owe me any info about it like a copy of the trust and how it's suppose distributed I called her and she couldn't tell anything android no to a copy that the trustee has to send it to me
The trust attorney should be giving your son the trustee directions and all info of the trust
omg.... that book is thick.
You need safety clauses in trusts to get the trustee out at envy time u need. Even then it doesn’t work like think. It’s. Bunch highway robbery
Thank you sir for the education, Unfortunately I am a victom of a fraudulent trust designed by a last minute amended trust by a crooked estate planner naming a Profesional trustee freind with all the powers. Even though I have all the evidence needed to prove my case I don't a degree in a law and have been ganged up on by 7 atternerys pushing me through medeation during a pandemic and never getting to ever see a judge or present whitnesses or evidence or have a due process or discovery. A year and a half ago I did not know what any of those words ment and I will not recover the 11 million stolen from my dads estate or be able to keep his wishes met ,But ill keep my honor and know that I don't steel from people or hurt fellow Americans or anyone else for personal gain or any other reasions, I may have to work my fingers to the bone to provide for those I watch over and protect but one thing is clear I raised good kids that know right and wrong and seen the evil of greed and fraud first hand so their life's work may have a better chance at not being stolen and their wishes met .November marks final judgment as all attempts keep being done so I can't even attend, last time I wasn't informed of a date change and a process went on without my knolage or only finding out 30 min prior .But thank you I wish I could of found a honest professional in this nightmare like yourself Paul because my dad deserved the truth for he did not lie .Ill continue watching your segments because you deserve a billion views and share your work. Thank you.
If trustee fails to comply with yearly accounting summary and /or is squandering trust without regard to trust requirements, can trustee be 'fired' and have a new trustee appointed? There doesn't seem to be a path to clean up a mess without endless litigation that ultimately consumes the trusts' assets.
The heirs can file a motion in district court to have the trustee removed. Most trusts have a secondary trustee if the primary one is a dead beat. If there is no secondary , you’ll have to leave it to the judge to rule in your favor or said trustee. Keep in mind the trustee will spend legally money out of the trust to hire lawyers to prove he is the shit. More endless litigation many times.
That's how it seems to me also. Especially with a trustee also taking a power of attorney and a executor position over everything my parents own And THE LADY IS NOT EVEN A FAMILY MEMEBER.
THATS THE WORST PART.
OUR FAMILY & IT'S HISTORY, BASICALLY GOT ERASED .
@@JayN4GO
You have to hire an attorney to read your trust if there is language in it stating if the trust is challenged by a beneficiary you may loose your inheritance.
You must clearly understand the language in your trust before challenging it
This is exactly what I’m going through now!!
3:49
电影海奥华
Really want to like this man, he seems so likable, and yet the gobble de goop 🥴...who can make since of it? Maybe no one & maybe That's the point!!! Just throw all of your trust, money & life affairs into the hands of an attorney and you'll have to keep running back to him to insure his financial continuity? Really⁉️ Maybe in antiquity people were easily conned, but this seems OFF to me
My Goodness!!!!! What a Mess!!!! If this & if that, but ifidy if, yet when and if... What a MUCKERY MUCK!!! 🤣 YOU mean to tell me THIS is what law is made up of?! Sounds So Disfunctional! Sounds So dishonest, so sneaky, so legalize🤥... 🙄🤪😜😝🤯🥺🤢🤮🥴 And to think we have been taught to esteem these attorneys with so much respect!!! LMAO 🤣
Really wan to like this man, he seems so honest, and yet the gobble de goop ....who can make since of it. Maybe no one & maybe That's the point!!! Just throw all of your trust & life into the hands of an attorney and you'll have to keep running back to him to insure his financial continuity?
Why does this guy go from one exstrem to another? Well if you come everyday asking for information.. Thats not good. If you wait 7 years cry me a river.. But waiting 3 years thats perfect 😂😂 Are you serious?
Whats your email? I’d like to ask a question