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In most cases, the acting trustee (and the successor to that trustee in the event the trustee can no longer serve) is named specifically in the trust instrument. A person nominated as a trustee can decline to serve as a trustee [ 22 ] or if serving may choose to resign as a trustee upon notice to the trust's beneficiaries. [ 23 ]
The Standing Trustees are responsible for the administration of all Chapter 13 cases filed in their judicial district. If for any reason all panel and/or standing trustees are disqualified or unable to perform, the U.S. Trustee may serve as trustee for a particular case under Chapter 7, 12 or 13. This very rarely happens.
The grantor is typically the trustee of their trust. They control the assets that are held inside through the rest of their life or until a successor trustee takes over. Once the grantor passes ...
Trustees [2] have certain duties (some of which are fiduciary). These include the duty to: Carry out the expressed terms of the trust instrument. [3] Trustees are bound to act in accordance with the terms of the trusts upon which the trustee holds trust property, and commit a breach of trust by departing from the terms of the trust. [4]
The trustee sale is done by the trustee who is named in the trust deed or the appointed one by the trust deed beneficiary at the time the process of foreclosure is initiated by the beneficiary. An attorney, broker, trust deed services, lender subsidiary or the lender may be appointed to act as the trustee (USA Today 2019). Trustees have the ...
The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners. Trustees must provide regular accountings of trust income and expenditures.
A new raise brings FSU President Richard McCullough’s base salary up to $1.1 million for next year. Skip to main content. 24/7 Help. For premium support please call: 800-290-4726 more ways to ...
His employer, the Worth Township Board of School Trustees, reported to the Illinois Municipal Retirement Fund that Hupe took home an extra $302,000 above his salary between 1998 and 2002. Hupe claimed that the additional payments were in lieu of unused annual leave. Hupe's successor was paid a salary of $87,500, just 57% of Hupe's pension. [15]