“The debts incurred by an agent in relation to a trust are always the personal debts of the agent … A creditor has the personal right to sue an agent and make a judgment and bankrupt the agent. See the Supreme Court decision in Macalister Todd Phillips Bodkins v AMP (highlighting) I recently received a receipt, declassification, compensation agreement from a lawyer who was hired to consolidate and pay money held by my aunt. The aunt lives and is in advanced age, so her son, who is my cousin, has hired a lawyer to consolidate all the assets that sit on different accounts in my grandmother`s name. When this lawyer was first hired, I received forms asking me to sign her so that she could represent me. I did not sign those forms. Recently, I was informed by this lawyer in a letter that she was ready to send a partial payment of the estate with the possibility of more in the future. The letter contained a 3-page form called receipt, declassification, compensation agreement. The letter contained detailed payments of the estate to third-party sellers, which include the above lawyer and public and federal tax authorities. The document also listed my sister and five cousins who listed the amount of money each of us was to receive. We should all receive the same amount, including my aunt. The document also states that I must compensate my aunt as administrator of the estate (or release her, surrender her) for the consideration of x dollars, any liability, liability and other obligation to account for her management of the estate and the proposed distributions to make the estate.
Trusts are not corporations. The “legal face” of a trust is the agent (s). Agents are the rightful owner of the trust and the fiduciary responsibility for trust debts. On appeal, the Georgia Court of Appeal set aside and found that the release was not an instrument of trust and that the release was not contrary to public policy, as it applied to the execution of the pre-implementation authorization. The claim could be made on the basis of Mr. Perkins` right (as an agent) to be compensated by the property of the trust for his proven progress with the Trust. The circumstances in which an agent is entitled to full compensation can be summarized as follows: in order to be entitled to compensation, an agent must act innocently and reasonably and there must be a breach of the trust of a co-manager. Being the beneficiary of a trust founded by someone in Woodland Hills can seem like a frustrating proposition. Indeed, even if you are entitled to a distribution of the trust`s assets, these payments often seem to be left to the discretion of the agent. Many of us in Alice A. Salvo`s law firms have asked us exactly what control an agent has over distributions. For example, say you are entitled to a payment from the trust, but the agent contacts you by stating that there is a problem in the management of the trust that affects your interests and that the only way to get what comes to you is to taint it.
Can he or she do that? With respect to the compensation of security claims, an agent can only require it for those who are not cited as beneficiaries of the trust. Therefore, in the scenario above, the answer is no, the agent cannot use your distribution as leverage. However, he or she may try to convince you to enter into a voluntary agreement that frees him or her from liability in these cases.