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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Purchase and Certification of Trust Posted by Gary on May 23, 2003 at 11:51 AM In Reply to: Re: Purchase and Certification of Trust posted by Jk on May 23, 2003 at 0:17 AM : : >>If I understand it correctly, the trustee in a THT does not have the power to do anything without the approval of the beneficiaries : : It's probably worth a visit to your local library to read up on the mechanics of trusts. The trustee of a trust acts in the interest of the beneficiary. Because the beneficiary could be incompetent, insane, juvenile, or whatever... it doesn't strictly matter if the beneficiary agrees to the actions of a trustee. What's important is the trustee made the decision to assist and protect the beneficiary-- without a conflict of interest for the trustee. : : I haven't used trusts myself, but what the bank told you about that line in the trust creation sounds consistent to me. After all, why would you NOT want the power to borrow money on real estate? : The local library would be a huge waist of your time. Both of you need to get in car, drive to San Diego and take Ward's Trust Training. I agree with JK. You should see Ward. In the short term, you need to read the trust. The one I use says that the trustee has the power to sell, convey, encumber, etc.. upon written direction from the beneficiary. So when I've filled out certifications of trust, I always check yes that they have the power. Just have the beneficiary sign a written direction and then put it in your own file. Hoila! You now have the power! Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : >>If I understand it correctly, the trustee in a THT does not have the power to do anything without the approval of the beneficiaries : : : It's probably worth a visit to your local library to read up on the mechanics of trusts. The trustee of a trust acts in the interest of the beneficiary. Because the beneficiary could be incompetent, insane, juvenile, or whatever... it doesn't strictly matter if the beneficiary agrees to the actions of a trustee. What's important is the trustee made the decision to assist and protect the beneficiary-- without a conflict of interest for the trustee. : : : I haven't used trusts myself, but what the bank told you about that line in the trust creation sounds consistent to me. After all, why would you NOT want the power to borrow money on real estate? : : The local library would be a huge waist of your time. Both of you need to get in car, drive to San Diego and take Ward's Trust Training. : I agree with JK. You should see Ward. In the short term, you need to read the trust. The one I use says that the trustee has the power to sell, convey, encumber, etc.. upon written direction from the beneficiary. So when I've filled out certifications of trust, I always check yes that they have the power. Just have the beneficiary sign a written direction and then put it in your own file. Hoila! You now have the power! Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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