Can you sue a trustee of a trust?
Can you sue a trustee of a trust?
While you technically cannot sue a family trust, you can sue the trustee of a family trust if you have a claim to assets held by that trust, or if you think that the trustee is mismanaging or stealing from the trust.
What happens when co trustees disagree?
Having multiple trustees typically slows down the administration process and can inevitably stir rancor between the siblings and, ultimately, when co trustees disagree, a legal battle ensues. Finding a co-trustee attorney, i.e., a trust attorney with deep court experience is essential to mitigate family conflicts.
Can a trustee be challenged?
Whether you are the Trustee, Beneficiary, or Heir of a Living Trust, the question is, “can a Trust be contested?” The quick answer is, “Yes, a trust can be contested!” When contesting a trust, i.e., disputing a Trust, voiding a Trust, invalidating a Trust, you will need to consider how the Trust is invalid and a trust …
What happens if two trustees don’t agree?
What if the co-trustees can’t agree? If co-trustees who are subject to the default rule can’t reach a consensus, any of them can file a petition for instructions under California Probate Code section 17200, asking a judge of the Superior Court to provide directions to the co-trustees.
How does a company as trustee of Family Trust work?
This is because it, itself, does not trade. The corporate trustee has no ‘beneficial’ interest in the assets it holds for the trust. The corporate trustee merely holds the assets for the ‘true’ owner – the Family Trust. Therefore, instead, the Family Trust gets the ABN and TFN. The corporate trustee does not do tax returns.
Can a family trust company file a TFN?
Your family trust corporate trustee company (while owning the assets as trustee) does not trade, therefore, your company does not require a TFN or ABN. The family trust corporate trustee company does not file tax returns as it does not trade in its own right. Who owns the shares of a family trust corporate trustee company?
What happens to a family trust if the trustee dies?
If the company is the trustee of the family trust, the death of a director of the trustee company is not necessarily a cause for alarm. The company itself will continue (a company does not die). If there were two or more directors, the remaining director/s of the company can continue to run the family trust.
Can a trust trustee make a distribution to itself?
Can the trustee of your discretionary ‘family’ trust make a distribution to itself? The short answer to this question, is maybe. It all depends on the terms of the trust deed. In particular, it will depend on the whether the trustee falls within the definition of a ‘beneficiary’ of the trust.