Tennessee Order to Terminate Charitable Trust
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How to fill out Tennessee Order To Terminate Charitable Trust?
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FAQ
A corporate trustee such as a bank trust department, a lawyer, or a financial adviser will typically know more about trust management, investments, and taxes than a family member, so a pro can be a good choice if you have a large trust or complex assets in it.
At the most basic level, a charitable trust is very similar to other types of trust. As such, they are established by a 'settlor', who agrees to transfer assets into the ownership of the trust. The management of these assets is then carried out by trustees, who may or may not include the settlor.
If you fail to receive a trust distribution, you may want to consider filing a petition to remove the trustee. A trust beneficiary has the right to file a petition with the court seeking to remove the trustee. A beneficiary can also ask the court to suspend the trustee pending removal.
In most situations, beneficiaries can remove a trustee who is not doing his or her job. However, you will need to show that certain conditions have been met to warrant removal.
A trust is an arrangement in which one person, called the trustee, controls property for the benefit of another person, called the beneficiary. The person who creates the trust is called the settlor, grantor, or trustor.
An irrevocable trust is a trust with terms and provisions that cannot be changed. However, under certain circumstances, changes to an irrevocable trust can be made and a trust can even be terminated. A material purpose of the trust no longer exists.
Indefinite Beneficiaries The beneficiary of a charitable trust, however, is not any one individual or group, but the public at large. Therefore, an individual beneficiary of a charitable trust has no legal standing to enforce the terms of the trust.
If the settlor and all of the beneficiaries consent, an irrevocable inter vivos trust may be modified or terminated. A testamentary trust can be terminated by consent of all of the beneficiaries as long as a material purpose of the trust does not exist.
Either the trustee or one of the beneficiaries can enforce a trust by filing a petition in state court. The state court judge will review the terms of the trust and will order compliance with those terms.