Alex Can family members be trustees of a charity?
Trustees can only benefit from their charity where there is an explicit authority in place before any decision conferring trustee benefit is made. employ a trustee’s spouse or other close relative at the charity (or at the charity’s subsidiary trading company)
How does a trustee sell a trust property?
The trustee will need to engage a real estate agent to market the property and a solicitor to prepare the contract for sale and act on the conveyance. To ensure the property sells for fair market value and to avoid any breach of trust claim for not obtaining the best price possible, it is prudent to sell by a properly marketed public auction.
Can a trustee delay the sale of a property?
The sale process. Before the property can be sold, it may require some work to be done on it. Trustees have the power to effect repairs and improvement of the property under sections 82 and 82A of the Act. However, the sale should not be delayed and must take place within a reasonable time for a fair and reasonable price.
Who are the executors and trustees of an estate?
The executor (sometimes referred to as executrix for females) is responsible for managing the affairs of and settling the estate, including initiating court procedures and filing the deceased’s final tax returns. The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for …
Who is the legal owner of a trust?
The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust.
The trustee will need to engage a real estate agent to market the property and a solicitor to prepare the contract for sale and act on the conveyance. To ensure the property sells for fair market value and to avoid any breach of trust claim for not obtaining the best price possible, it is prudent to sell by a properly marketed public auction.
Can a surviving spouse sell a house in a joint trust?
If a piece of real estate, like a house, is titled in a joint trust and a surviving spouse sells the house with the intention of using the sales proceeds as a down payment for another house, any lender would be happy to loan them the money as long as they had reasonably good credit.
The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust.
What happens to a trust if one spouse dies?
Generally, if one spouse dies, the trust doesn’t require any further action from the surviving spouse. However, all trust terms are different, and it is important to follow the terms set forth in the specific trust.