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Family Trust Law

A family trust is a trust set up by a person who wishes to divide their assets among family members or beneficiaries after their death. Family trust law is a set of laws that overlook the working of family trusts. There may be a lot of aspects of family trusts that individuals may be unaware of such as tax benefits and so on. That’s why it is important to understand family trust law to know how a family trust works and what the rights of the beneficiaries are. Given below are some of the common questions on family trust law answered by the Experts.

How can an individual place a lien on a family trust?

If an individual wants to place a lien on a family trust, they may file a lawsuit against the trustee of the family trust for monetary damages. The individual may request the court to place a lien on the title of the trust in order to prevent the transfer of the trust while the lawsuit is in progress. If the individual wins the lawsuit, the property of the trust may be used to fulfill the judgment.

How can the residence address on a family trust be changed?

If an individual wants to change the residence address on a family trust, they may do so by amending the trust. A change of address may not nullify the trust.

Can an individual refuse to be the beneficiary of a family trust after the death of the grantor?

According to family trust law, an individual may refuse to be the beneficiary of a family trust. They may send a notarized letter to the trustee that says that they do not wish to be the beneficiary of the trust with immediate effect. This also means that the individual may give up any kind of interest to claim any of the assets that are a part of the family trust.

Can a beneficiary of a family trust deposit any money that they may receive from the trust into their own existing bank account?

If there are no other beneficiaries to the family trust and the trust does not have any other bank account, the individual may deposit any money that they receive from the family trust into their own existing bank account. However, if the bank does not permit the individual to do so, they may have to open a separate bank account for the money from the family trust.

Can a trustee of a family trust take compensation for time and effort in maintaining the trust?

Most of the time, it may be possible for a trustee of a family trust to take compensation for the maintenance of the trust. Most of the family trusts may have a clause regarding this issue. However, the trustee may have to keep a time sheet to record the hours that they may put in, create an invoice every month and send a copy of the invoice to the beneficiary of the trust. The trustee may also get reimbursement of all expenses made by them towards the trust.

Would a family trust that was created in one state of the U.S.be valid in a different state even if there are changes made to it?

As per family trust law, a family trust that was created in one state of the U.S. may be valid in a different state, even if there are changes made to the trust, if the modifications made to the trust are checked and signed off by the grantor of the trust.

Under what circumstances can a trustee of a family trust be removed?

There may be various reasons for a trustee of a family trust to be removed. Some of the reasons may be if the trustee breaches the trust agreement, if there is no cooperation between the co-trustees leading to problems with administration of the trust, if the trustee continuously fails to manage the trust, if all the beneficiaries request for the trustee to be removed and so on.

How can stocks from a family trust be distributed between the beneficiaries?

If the stocks from a family trust are publicly traded, the stock company may get a stock transfer agent to transfer the stock to the beneficiaries. The trustee may have to find out who that transfer agent is from the stock company and obtain the transfer forms and instructions to transfer the stock from the agent. However, if the stock from the family trust is not publicly traded, the trustee may have to fill up an irrevocable stock power form to obtain the stocks and distribute them among the beneficiaries. The trustee may have to go through the bylaws of the corporation to make sure there are no specifications regarding the transfer and distribution of the stock among the beneficiaries.

Handling family trusts may not be a very easy job. Whether you are a trustee or a beneficiary of a family trust, you may not be completely aware of all the nuances of managing a family trust. It may not also always be easy to get information about family trusts and family trust laws. Put your queries to an Expert now to get professional insights and information on family trust law to help you tackle your own case better.
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