If someone makes another person a trustee to look after some land for them and then that person dies and leaves the land to 4 people (one of them being the original trustee) does that person remain the trustee or do the four people have equal say as to whatever happens to the land?
I would appreciate a quick response. Many thanks.
2007-03-30 09:09:45 · 12 answers · asked by Heather K 1 in Politics & Government ➔ Law & Ethics
Yes. As I understand it, they would hold it equally on trust for sale, which means that if one of them wants to sell it, it will be sold and the proceeds divided equally.
That is, provided that the original trust was a bare trust for the benefit of the testator (the person who died) and there are no other beneficiaries.
2007-03-30 09:14:29 · answer #1 · answered by Doethineb 7 · 0⤊ 0⤋
It depends on the terms of the trust.
If there were no actual trust and just an informal employment of the "trustee" to be a caretaker, then his authority over the whole ceased, end of story.
If there were an actual trust into which the land was conveyed, then the deceased didn't actually own it, the trust did, and the will can only operate to convey the land if the trust document said so. They don't, usually.
If the terms of the trust are for the trust to dissolve and the land to be given to each of the four equally, the trusteeship also terminates. It is possible that the trust terms call for it to continue, and with the same trustee, but now for the benefit of the four instead of the deceased. They may or may not have the power to remove him, or to call for the termination of the trust. You have to read the trust document.
2007-03-30 09:18:42 · answer #2 · answered by open4one 7 · 1⤊ 0⤋
Too many things not clear.
(1): makes a person a trustee; did they deed the property to the trustee ?
(2) Look after ? has no legal meaning at all. (If the land were deeded to a trust, then the trustee determines what happens to the property; but it is not his and he doesn't get to leave teh property to anyone in his will; the property belongs to the trust.)
(3) If the original person deeded the property to a trust and the trustee dies, then the people acting for the trust have to appoint a new trustee)
If somehow in this mess there is a deed to a person who died and left the land to 4 people equally, they have equal say in what happens to the property.
Best I can do
2007-03-30 09:16:31 · answer #3 · answered by wizjp 7 · 0⤊ 0⤋
It would depend on the wording of the legal document.
I think however that all four people would have a legal say in what happens to the land. The one thing I don't understand is why one would be made a trustee of a property when the owner is still alive. That might shed some light on the subject.
2007-03-30 09:15:08 · answer #4 · answered by Anonymous · 0⤊ 2⤋
You have to look at both the will and trustee designation documents for the answer.
What was the duration of the trust? Did it terminate upon the death of the trustor/legator, or did some other event trigger termination?
I recommend meeting with an attorney, as this is a complex area of law.
Good luck!
2007-03-30 09:21:44 · answer #5 · answered by MenifeeManiac 7 · 0⤊ 0⤋
What ever is in the will is the last say so legally. Each one has their own portion to do with what they please. Unless they make the original trustee the trustee over their land then the original trustee has no say so except over his own property.
2007-03-30 09:15:53 · answer #6 · answered by hotmama 4 · 0⤊ 1⤋
Not enough information. The terms of the original trust would spell out what the rights and obligations of the trustee were in the event of the death of the property owner. Without knowing that, it is impossible to answer your question.
2007-03-30 09:12:56 · answer #7 · answered by MOM KNOWS EVERYTHING 7 · 0⤊ 1⤋
well you need to consult a lawyer(ask a lawyer who specializes in trusts and/or probate) and the terms of the trust and the will of the dead person. this area is very complex and if involves allot of assets can be very subject to litigation. I'll give you some broad concepts on this area not meant to apply to any specific situation.
multi-persons own the land in trust. one dies:
1.the heirs of the dead person take his share of the trust.
2.the surviving members of the trust get the dead person percentage of the trust divided equally among themselves.
3.The will of the dead person trumps all. As long as the person was in sound mind and sound health when the will was drafted or amendment......no deathbed wills.
4. the trust dissolves.
2007-03-30 09:56:56 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Depending on the state. Some states, the executor of the estate has final say. If the trust does not terminate on the death of the orginator, the trustee has the say.
More information would help.
2007-03-30 09:15:11 · answer #9 · answered by Anonymous · 0⤊ 2⤋
I think it would be the person who appoints the trustee
2007-03-30 09:14:26 · answer #10 · answered by Zackypooh 2 · 0⤊ 2⤋