where the grantor deposits assets into the trust, and the trustee is responsible for administering the trust for the benefit of the beneficiary. Trusts come in various forms, such as revocable and irrevocable trusts, each serving different purposes. A revocable trust allows the grantor to amend or...
A trust beneficiary has rights and can bring legal action against the trustee in probate court to obtain a full trust accounting, force the trustee to make a distribution, or even have the trustee removed, which can get costly if an estate attorney is involved. Learn more about when a trust...
How does a Trust Fund Work? A trust fund, as an estate planning tool, enables individuals to legally move their assets to the beneficiaries with minimum fuss. Else, if a person dies without a trust in place, inheritors will almost always need the assistance of a court to obtain their inhe...
For example, by ingratiating the boss, an employee may be more likely to gain access to the valued resources the boss controls (Jones, 1964). Such self-interested motives are less apparent when an employee chooses to offer kindness to a lower-power beneficiary. Considerable research has ...
A party needs to transfer a deed when a name is removed or changed from the property title. A name may be removed after a sale, atransfer to a beneficiary through a willor trust, a foreclosure proceeding or an acquisition by a government entity through the process of eminent domain. ...
and submit a list to probate court. If the deceased bequeathed any item specifically to one individual, such as a grandfather clock or an antique rocking chair, the executor will probably turn it over to that beneficiary early in the probate process. By the time you take possession of the ...
An individual sets up a trust funded with income-producing assets naming themselves as beneficiary during their lifetime, then having the income go to a family member when they die. An individual has an illness that is likely to disable them and sets up a living trust, naming themselves as ...
The doctor may want to carry out a post-mortem but the doctor has to obtain the permission of the nearest relative. Ifthe post-mortem is required purely for the satisfaction of the doctor or the hospital, then permission should not be given. This type of post mortem can only be carried ...
In contrast, a trust deed involves three parties: a borrower (or trustor), a lender (or beneficiary), and the trustee. The trustee holds title to the lien for the lender's benefit; if the borrower defaults, the trustee will initiate and complete theforeclosureprocess at the lender's reques...
A unit trust is an unincorporatedmutual fundstructure that holds assets and provides profits to individual unit owners instead of reinvesting into the fund. A unit trust is established under atrust deed, and the investor acts as thebeneficiary. Key Takeaways Unit trusts are unincorporated mutual fu...