Trustee informs the trustor that he/she has the right to demand a certain amount of funds from the trust during the year. If the trustor demands a withdrawal for any of the beneficiaries, he/she may receive cash, property of that value, or a combination of cash and property.
North Carolina Letter regarding trust money
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How to fill out Letter Regarding Trust Money?
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FAQ
Generally, beneficiaries are entitled to at least an annual trust accounting report, although, depending on governing state law and the terms of the trust document, the trustee may have discretion regarding whether and to what extent to provide such information to a beneficiary. Notices.
Your trust will never become public record and no one needs to know what assets are in it, who your beneficiaries are, or how assets are being distributed.
Civil Code Section 4525 requires an owner of a property within an association to provide various items of information and documents to a prospective purchaser of the owner's property as soon as practicable before the transfer of title or the execution of a real property sales contract. (Civ.
Trust money is money received or held for or on behalf of another person in relation to a real estate transaction, business sales transaction or property management transaction.
Beneficiaries are entitled to an accountinga detailed report of all income, expenses, and distributions from the estatewithin a reasonable amount of time. Beneficiaries are also entitled to review and approve any compensation requested by the executor.
Likewise, North Carolina law provides that all current trust beneficiaries have a right to receive a copy of the trust document, and a right to financial accountings and trust management records at reasonable intervals. It is a good idea for a trustee to be proactive, and responsive, in providing these items to
1. Columnar Record of All Trust Funds Received and Paid Out - Trust Fund Bank Account (DRE form RE 4522); 2. Separate Record for Each Beneficiary or Transaction (DRE form RE 4523); and 3. Record of All Trust Funds Received - Not Placed in Broker's Trust Account (DRE form RE 4524).
BRIEF DESCRIPTION OF FORMSForm RE 4522 is used to record all trust funds received and deposited into the trust fund bank account and the disbursements from such account.
Trust money can only be dispersed in accordance with a direction given by the person on whose behalf the money is been held. Further, trust money can only be withdrawn by cheque or electronic funds transfer. Regulation 65 of the Regulations governs the withdrawal of trust money for the payment of legal costs.
Trustees have a duty to beneficiaries to disclose certain information; however, simply because you are a beneficiary, you cannot demand access to all the information regarding a trust.
