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lwpat, Attorney
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have many questions about Indenture of Trust established by my grandfa

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i have many questions about Indenture of Trust established by my grandfather in 1952. There are 4-5 articles which I dont understand. Do you feel you would be able to answer my questions
Submitted: 2 years ago.
Category: Business Law
Expert:  WiseOwl58 replied 2 years ago.
Please tell me what are the questions in the Indenture of Trust. I will do my best to answer them for you.

Thanks.
Customer: replied 2 years ago.
I didnot see a reply only a request to ask the question
Expert:  WiseOwl58 replied 2 years ago.
Hello. I see that you have posted the Fourth and Fifth articles of the trust, and I have read those.

Please tell me what are the questions that you have about the articles, and I will do my best to answer your questions.

Thanks.
WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 2844
Experience: Experienced business lawyer.
WiseOwl58 and 6 other Business Law Specialists are ready to help you
Customer: replied 2 years ago.
my questinon is what do these articles mean?
Expert:  lwpat replied 2 years ago.
article fourth: The trustee shall render an annual account of its administration of the trust to the life tenant during her life and there after to each beneficiary receiving income at the end of each accounting period. The written approval of such accounts by all persons (or if minors,by their guardians to whome such accounts are hereby required to be rendered, shall, in the absence of fraud or m;istake, be final and binding as to all matters or transcrations started therein or whown thereby, upon all persons (whether inbeing or not)who are then or may thereafter become entitled to shrae in either theprincipal or income of the trust.

This means that the trustee is required to furnish the life tenant (usually the spouse) and the beneficiaries an annual accounting of the trust.


Aticle fifth
In any case in which the trustee is required hereby to distribute the principal of the trust Estate, it is authorized and empowered in its discretion to make distribution in kind or partly in kind andpartly in money, and the judgement of the trustee, reasonabley exercised, concerninc the values for the purpose of such distributin shall be final.

This means that the trustee can distribute the assets in any manner that he choses. He can assign values to the various assets and distribute the asset rather than selling the asset and distribution cash.

Does that answer your question. You might want to contact customer service and get a refund on your other accepts.
lwpat, Attorney
Category: Business Law
Satisfied Customers: 25384
Experience: Attorney with over 35 years of business experience.
lwpat and 6 other Business Law Specialists are ready to help you
Customer: replied 2 years ago.
Thank you for the answer to my questinons "Articles".
Expert:  lwpat replied 2 years ago.
You are most welcome. If you have any further questions or need any further clarification, you can ask for me in the subject line "For LAPAT". I am usually on late evening eastern time
lwpat, Attorney
Category: Business Law
Satisfied Customers: 25384
Experience: Attorney with over 35 years of business experience.
lwpat and 6 other Business Law Specialists are ready to help you
Customer: replied 2 years ago.
My mom has a small trust 98,000 that she claims is not performing and wants to consolidate I and mysiblings are okay with that. My Issue is how the transfer of this trust is being handled. Bank of america has issued a form letter to all benificaries (4) asking us to waive rights and imnminify BOA of liability should the Trust later find overpayments etc. down the road. I have tried to communicate with Bank of America (BOA) with delayed response the new trustee finds it odd that BOA should would ask for the waiver of rights to sue if need be for such a simple transfer. I realize that this is probably all within the guidelines of BOA and is probably nothing to be concerned with but I am. Therefore I am asking the new trustee if all the beneficiaries can be excluded from these requests to waive rights. Is that possible? Do you have concerns based on what I have said?
Expert:  lwpat replied 2 years ago.
Therefore I am asking the new trustee if all the beneficiaries can be excluded from these requests to waive rights. Is that possible? Do you have concerns based on what I have said?

The waiver is standard procedure and I do not have any real concerns about it as long as you know where the money is going and the provisions of the new trust are substantially the same as the old trust.
lwpat, Attorney
Category: Business Law
Satisfied Customers: 25384
Experience: Attorney with over 35 years of business experience.
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Expert:  lwpat replied 2 years ago.
Therefore I am asking the new trustee if all the beneficiaries can be excluded from these requests to waive rights. Is that possible? Do you have concerns based on what I have said?

The waiver is standard procedure and I do not have any real concerns about it as long as you know where the money is going and the provisions of the new trust are substantially the same as the old trust.

An accept for my time is always appreciated and required for me to receive any credit from JA
lwpat, Attorney
Category: Business Law
Satisfied Customers: 25384
Experience: Attorney with over 35 years of business experience.
lwpat and 6 other Business Law Specialists are ready to help you

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