The powers of the trustee are determined by the statutes in the state in which the trust exists and the authority granted by the terms of the trust. Powers granted to a trustee in a trust agreement include some of the following:
• to sell assets including real estate and reinvest the proceeds;
• to lease or [...]
The same person who is the settlor may also play the role of a trustee or the beneficiary but the individual may not take part in all three roles as the settlor, trustee or beneficiary.
• Example of a settlor as a trustee: Krystal owns 2000 shares of Team Trust Inc stock and says that she [...]
Disadvantages of a Trust
• There are costs of establishing a trust.
• You lose all control over the property with most irrevocable trusts.
• It requires annual fiduciary accounting and possible tax returns.
• It may require payment of annual trustee fees.
• There may be fees at the time of trust termination.
• You can’t change your mind and [...]
A trust is a property arrangement in which real or personal property is transferred from the settler to one or more trustees who hold the legal title to the property for the benefit of one or more beneficiaries who hold the equitable title. A trust is a practical way to manage and transfer property in [...]
3. Describe trust and state requirements for a trust?
A trust is when trust property is transferred form party (the trustor) to a trustee. The property is then held for the beneficiaries. Five elements are required for a trust:
Trustor - the person who owns the property. This person must own an interest in the property [...]