Executor of Trust

Hi Merry,

If the other beneficiaries of the property agree to such an agreement then you can do so.

Thanks

Hi,

One thing I would like to state is that you should ask all the beneficiaries to sign a document prepared by an attorney wherein they would approve and consent to such a pay-off to them and retention of the estate by you.

It will protect you from any claims made afterwards by any of the beneficiaries.

Hi,

In case the provision of the trust states that the trust will terminate after the one or more of the beneficiaries attain a stated age then I think it might not be possible for you to buy the estate from the rest of the beneficiaries.

You should consult an attorney who specializes in trusts and estate matters for how to proceed if such a clause exists.

Blue

Hi,

Since the executor is appointed by the court, so he may have the right to buy the estate and then distribute the assets among the other beneficiaries. However, the method for doing this will depend on the laws of the state where executor resides.

You can go through the resources on Executor and Beneficiary for any related information.

Sara.

Hi Merry,

Since you are the beneficiary of the estate, you will have the right to use and possess the property. That is, you can live on the property and make improvements on it. You can also transfer your beneficial interests to another person and exercise all rights of ownership as stated in the law.

Thanks,

Caron.

How do you handle the disbursement of funds to beneficiaries who live out of state (Mexico) and do not have visa to visit the US? At what point should the beneficiares be notified? Before or after death of said person?

Hi Fred,

Generally the beneficiaries are notified about the will after the death of the person and when the will goes through probate.

Thanks

Hi,

Since the beneficiaries do not have the VISA to US, so you can have an attorney prepare the legal papers and send them by mail. This will help the beneficiaries sign the papers and mail them back to you.

Then you can transfer the funds to the beneficiaries.

Thanks,

Sara

Hi Fred,

There is an organization - Global Catalyst Foundation which deals with a group of US based sponsor organizations to improve the lives of people outside US. This organization helps people outside the US who are expected to receive funds as beneficiaries. The funds are disbursed to the beneficiaries via a US based sponsor who must agree to the proposal.

You can contact the organization so that they may help you with a sponsor.
This is the address.
Global Catalyst Foundation
Small Tech Grants Competition
361 Lytton Avenue
Palo Alto, CA 94301
USA

You can also contact the Global Catalyst Foundation by mail at "jeff@gc-partners.com"

Thanks