Who Can Be Trustee? The only legal requirement in California for a person to be a trustee is that she or he is at least 18 years old and “of sound mind.” The Trustee must also be a U.S. citizen to avoid adverse tax consequences. Can anyone be a trustee? Who Can Be a Trustee?
Can A Trustee Sell Property To Himself? Trustees aren’t allowed to sell trust property to themselves unless the trust agreement has explicitly allowed them to do so. They also shouldn’t sell the trust property to another trust that they manage, or borrow trust funds for personal use. Can trustee sell property without all beneficiaries approving?
How Much Can A Trustee Charge A Trust? While professional trust companies often charge more than other trustees, compensation is usually between 0.5% and 1.5%, with the fees occasionally being up to 2% per year. It’s better to pay the trustee a flat rate rather than an hourly rate in most cases, but this is
What Are Some Examples Of Trust? Trust is defined as to have confidence, faith or hope in someone or something. An example of trust is believing that the sun will rise in the morning. An example of trust is having faith that things will be better in the future. What are the five types of
What Are The Three Modes Of Administering Wealth? There are but three modes in which surplus wealth can be disposed of. It can be left to the families of the decedents; or it can be bequeathed for public purposes; or, finally, it can be administered during their lives by its possessors. What are the duties
What Funds Social Security And Medicare? Congress established trust funds managed by the Secretary of the Treasury to account for Social Security and Medicare income and disbursements. The Treasury credits Social Security and Medicare taxes, premiums, and other income to the funds. What are Social Security and Medicare funded by? Medicare is funded by the
Do I Have To Report My Stocks On Fafsa? Do I have to report my stocks on fafsa? Money in bank and brokerage accounts, UGMA and UTMA accounts, certificates of deposit (CD), stocks, cash stuffed in a mattress, trust funds, money market funds, mutual funds, stock options, bonds, other securities and commodities are reported as