#licensed insolvency trustee fees

[debteasesolution]

Debt Ease Solutions Can Assist Canadians in Achieving Debt Relief

Harness Canada’s Leading Debt Relief Network for Your Financial Freedom

At Debt Ease Solutions, we specialize in helping you find the most effective debt relief program tailored to your needs, enabling you to escape the burden of debt while conserving both time and money.

Discover How Debt Ease Solutions Can Assist Canadians in Achieving Debt Relief

Debt Ease Solutions is your trusted partner in navigating debt challenges in Canada. We recognize that individuals may find themselves in financial distress due to various uncontrollable circumstances—be it job loss, reduced income, unexpected medical expenses, or the escalating costs of family life. When overwhelmed by a substantial amount of consumer debt, it’s common to feel hopeless about ever settling your debts. High interest rates, late fees, and penalties can make the road to financial stability seem impossible.

That’s why we strive to inform our clients of all available debt relief options, allowing you to save money and time while working towards becoming debt-free. With a variety of debt relief programs accessible, the right choice for you will depend on factors such as your total debt amount, monthly budget, credit score, personal goals, and even your province or territory.

We excel in helping individuals assess these considerations to determine the most suitable program. Whether you require credit counseling, debt forgiveness, or discharge services, we can connect you with a qualified team ready to assist you.

Understanding Debt Relief in Canada

Canadian debt relief programs operate under the principle of affordability. If you're struggling financially due to debt, the law states that you're only obligated to repay what you can realistically afford. Many Canadians remain unaware that creditors are frequently willing to negotiate debt forgiveness once an agreement is reached with a debtor. Why endure years trying to repay a principal debt of $15,000, along with mounting penalties and interest, when you might settle for as little as $6,000 or less?

Our debt relief solutions are tailored for individuals burdened by high credit card debt and other unsecured obligations. Once we align you with the appropriate program, we will connect you with a service provider. The professionals in our network are licensed by both federal and provincial or territorial governments and will negotiate with creditors on your behalf, helping you save significant time and money as you work toward financial freedom.

With the Right Debt Solution, You Could:

Consolidate multiple bills into one manageable monthly payment

Lower or eliminate interest and halt penalties

Achieve debt freedom in as little as 24-48 months

Receive forgiveness for a portion of your outstanding balances

Become debt-free without resorting to bankruptcy

Begin rebuilding your credit score

Regain Financial Stability While Safeguarding Your Assets

Most debt relief programs in Canada are designed to protect your most valuable assets as you pay down debt. The objective is to settle unsecured debts—those without collateral. Even in bankruptcy cases, most Licensed Insolvency Trustees will inform you that losing your assets is uncommon.

Debt relief programs that help you avoid bankruptcy concentrate solely on unsecured debts, including:

Credit card debt

Personal loans

Lines of credit

Debt collections

Secured loans—loans backed by collateral—do not qualify for these programs. This includes:

Mortgages

Home Equity Lines of Credit (HELOCs)

Auto loans

Certain types of specialized unsecured debt may also be eligible for relief programs, such as:

Student loans over six years old

CRA income tax debt

Compassionate Support and Comprehensive Solutions

At Debt Ease Solutions, we understand the mental and emotional strain that comes with financial challenges. We’re here to listen to your concerns and provide practical solutions tailored to your situation. Our mission is to ensure you are informed about all available options, empowering you to make the best decision for your financial health.

We offer a wide range of solutions, all from one convenient source. Based on your unique circumstances, we will connect you with the right accredited, licensed service provider to assist you. Our extensive debt relief network includes lenders, credit counselors, and Licensed Insolvency Trustees with proven success in helping clients regain their financial footing.

At Debt Ease Solutions, we are not focused on pushing a single solution. Instead, we aim to help you discover the best path to becoming debt-free as swiftly as possible.

Take the First Step Towards Financial Freedom

Your journey begins with a quick, complimentary consultation with a debt relief professional at Debt Ease Solutions. Call us at 1-888-529-5649 to speak with someone right away, or complete the form above to provide us with some details about your situation, and we will reach out to you.

The consultation is confidential, straightforward, and efficient. You will discuss your debts, budget, credit, and goals with an expert who will evaluate your options for relief and address any questions you may have. Together, you will identify the most suitable relief program for you, and we will connect you instantly with an accredited and licensed service provider. It’s that simple. So, what are you waiting for? You have everything to gain by eliminating your debt!

[ratetradecanada-blog]

Best Bankruptcy Lawyers in Ontario - Professional Advice

Understanding Bankruptcy Bankruptcy is a legal process designed to help individuals and businesses eliminate or repay their debts under the protection of the bankruptcy court.

It is a tool for those overwhelmed by financial distress and unable to meet their debt obligations. In Ontario, bankruptcy is governed by the Bankruptcy and Insolvency Act (BIA), a federal law that ensures a fair and orderly distribution of a debtor's assets to creditors.

Bankruptcy can provide a fresh start, but it also comes with significant consequences, such as the potential loss of assets and a lasting impact on one's credit rating.

The Role of Bankruptcy Lawyers Bankruptcy lawyers in Ontario play a crucial role in guiding individuals and businesses through the bankruptcy process. These legal professionals specialize in insolvency law and are well-versed in the complexities of the BIA.

They provide expert advice, help clients understand their options, and represent them in court proceedings. A bankruptcy lawyer's primary goal is to protect their clients' rights and interests while ensuring compliance with legal requirements.

Finding the Right Bankruptcy Lawyer Choosing the right bankruptcy lawyer in Ontario is essential for a successful outcome. Here are some key factors to consider:

Experience and Expertise: Look for a lawyer with extensive experience in bankruptcy and insolvency law. An experienced lawyer will have a deep understanding of the BIA and can provide valuable insights into your case.

Reputation: Research the lawyer's reputation by reading client reviews and testimonials. A lawyer with a solid reputation is more likely to deliver quality service and achieve favorable results.

Credentials: Verify the lawyer's credentials, including their education, licensing, and professional affiliations. Membership in organizations such as the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) indicates a commitment to maintaining high professional standards.

Communication Skills: Effective communication is vital in legal matters. Choose a lawyer who communicates clearly, listens to your concerns, and keeps you informed throughout the process.

Cost: Understand the lawyer's fee structure and ensure it aligns with your budget. While cost should not be the sole determining factor, it is essential to have a clear understanding of the financial commitment involved.

The Bankruptcy Process in Ontario The bankruptcy process in Ontario involves several key steps:

Initial Consultation: During the initial consultation, the bankruptcy lawyer will assess your financial situation, explain your options, and recommend the best course of action.

Filing for Bankruptcy: If bankruptcy is deemed the appropriate solution, the lawyer will help you prepare and file the necessary paperwork with the Office of the Superintendent of Bankruptcy (OSB).

Meeting of Creditors: After filing, a meeting of creditors is held, where the debtor, creditors, and trustee discuss the case. The lawyer will represent you during this meeting.

Trustee's Role: A licensed insolvency trustee (LIT) is appointed to oversee the bankruptcy process. The LIT will manage the sale of assets, distribute funds to creditors, and ensure compliance with legal requirements.

Discharge: Upon successful completion of the bankruptcy process, the debtor receives a discharge, releasing them from most of their debts. The lawyer will guide you through this final step and address any remaining concerns.

Alternatives to Bankruptcy Bankruptcy is not the only option for dealing with financial distress. Bankruptcy lawyers in Ontario can also help clients explore alternative solutions, such as:

Consumer Proposals: A consumer proposal is a formal agreement between the debtor and creditors to repay a portion of the debt over a specified period. It allows individuals to avoid bankruptcy while still addressing their financial obligations.

Debt Consolidation: Debt consolidation involves combining multiple debts into a single loan with a lower interest rate. This can simplify repayment and reduce financial strain.

Credit Counseling: Credit counseling services provide guidance on managing debt and improving financial health. A bankruptcy lawyer can refer clients to reputable credit counseling agencies.

Conclusion Bankruptcy lawyers in Ontario are essential allies for individuals and businesses facing financial difficulties. They provide expert guidance, represent clients in legal proceedings, and help navigate the complexities of the bankruptcy process.

By choosing the right lawyer and exploring all available options, you can achieve a fresh start and regain control of your financial future.

Contact Us:

Web: www.ratetrade.ca/debt-consolidation

Email: info@ratetrade.ca

Phone: (905) 676 0008

[legalassistant1]

Bankruptcy Offers Fresh Start by Forgiving Debts

Bankruptcy Offers Fresh Start by Forgiving Debts

Whether you are an individual or a company, bankruptcy offers a fresh start by forgiving debts. However, if you decide to file for bankruptcy, you should know the ins and outs of filing and how you can protect your assets. Here are some tips:

Avoid transferring assets

Whether you’re thinking of filing for bankruptcy or you have already filed, transferring assets may be a mistake. This is because bankruptcy is designed to protect creditors, and fraudulent transfers can have serious consequences.

The court will scrutinize any sale of property that leaves the buyer insolvent. Similarly, a court will also scrutinize a transfer of property that leaves the buyer with less than fair market value.

The first step in avoiding a bankruptcy fraud is to file a Statement of Financial Affairs with the court. This requires you to list all your assets and debts. You should also keep documentation on hand. This will help you with your case and keep it moving on time.

Another tip is to avoid making large purchases and transfers. If you’re going to buy a car or buy a big gift, make sure you’re buying it in the fair market value.

Discharge your debts

During bankruptcy, the debtor is no longer required to pay his or her debts. In other words, the debtor receives a discharge, which is a permanent order to prevent any further collection efforts.

Before filing for bankruptcy, you should make sure that you have a complete list of your debts. Your bankruptcy attorney may ask for proof of your income for the last 60 days and your tax returns from the previous year. You will also have to pay filing fees and fees for credit counseling.

If you have a large amount of home equity, you may want to consider putting that equity to work in reorganizing your debt. You may also be able to reduce your interest rates and penalties, or negotiate a settlement amount that you can afford.

Long-term credit penalties

Depending on your debt level and income, there are several types of debt relief. Some types carry a higher impact than others. You should find out exactly how the process works and how your credit is affected by the type of debt relief you choose.

In general, bankruptcy is a legal process that provides consumers with a fresh start by forgiving certain debts. It can be a helpful tool for consumers, but there are also some negative aspects to it.

The most obvious disadvantage to bankruptcy is that it can negatively impact your credit. You may be unable to obtain credit or get a loan for a long time, and your credit report will show the bankruptcy for years. This can make it difficult to get a new credit card, rent a home, and obtain insurance.

Liquidation of qualifying property

Depending on your financial situation, you may be able to file for Chapter 7 “liquidation” bankruptcy. This type of bankruptcy can offer you a fresh start by forgiving your debts. You can then establish a repayment plan and start fresh. However, before filing for bankruptcy, you should consider your financial situation and consult with an experienced business bankruptcy attorney.

The “finance” portion of a bankruptcy case will involve selling off your assets. The trustee will do this to generate cash for creditors. Some assets may be exempt from sale. You may be able to keep your home. This is protected to a degree by both state and federal laws.

You may also have to reaffirm some of your debts. For example, if you have a mortgage, you may have to reaffirm your mortgage before your property is discharged. The same holds true if you have a lien on your real estate.

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

If you have any questions or in need a Bankruptcy Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.

Ascent Law LLC 8833 S Redwood Road Suite C West Jordan UT 84088 (801) 676–5506 https://www.ascentlawfirm.com https://goo.gl/maps/abyMDqWEv97VbdhW6

[rkillen01]

The Four Best Consumer Debt Solutions in Canada

Personal debt loads are at record highs in Canadian households and more people than ever need consumer debt solutions to deal with their debt and find alternatives to bankruptcy. Canadians are very lucky as they have a number of options that they can take to help them reduce or eliminate debt.

Let’s have a look at some of the safest and best debt relief solutions in the country that can help you to deal with your debt problems.

Debt Consolidation

The idea of debt consolidation is to combine all of your current debts and pay it all with a new loan. Essentially, it does not put an end to your debt, because with the new loan you have a new debt to pay. However, it can greatly help to make your debt payments more manageable. For one, if you manage to pay all your current debts with the new loan, you would be left with just one debt to pay instead of multiple debts. 

Another advantage is, if you get the loan with a lower interest rate than what you are paying with your current debts, this will automatically reduce the monthly amount that you will need to pay. 

Debt consolidation loans are not easy to obtain as you will need to have sufficient income as well as possibly some sort of collateral to secure the loan, some creditors even ask you to provide someone to cosign a loan with you.

Credit Counseling

Credit counseling is another reliable debt solution for consumers in Canada. This type of solution is often offered by a Licensed Credit Counseling Agency. One very helpful tool that can help solve your debt problems is a debt management plan or DMP.  

A certified credit counselor will review your financial situation and assess your ability to make payments. If you qualify, they will proceed to negotiate with your creditors to reduce interest and fees, and create a repayment plan that will help you to pay back your debts over a period of three to five years.

Consumer Proposal

A consumer proposal is a legal debt settlement program provided by the Canadian government under the Bankruptcy and Insolvency Act. It is a legally binding contract that can be administered only by a licensed insolvency trustee. 

The process involves your trustee negotiating with your creditors to reduce the total amount you owe them, stop interest fees and other charges and for you to be able to arrange monthly payments for up to a period of five years.

A consumer proposal is safe and reliable because it will legally bind you and your creditors to an agreement that you will pay only the portion agreed on and that they will disregard the balance. This debt relief solution allows you to avoid bankruptcy, but offers you the same creditor protection as bankruptcy.  

Personal Bankruptcy

Bankruptcy is generally considered the very last option when dealing with debt. It is a legal process managed by the federal government through a licensed insolvency trustee. You pay a monthly payment to your creditors through your trustee. 

You are provided legal protection from creditors through an automatic Stay of Proceedings. At the end of the bankruptcy, which usually last for nine months, all your debts are cancelled.

With many consumer debt solutions available, it can be hard to find the right solution for your situation. Talking to a debt expert, like a licensed insolvency trustee, can greatly help you to understand the advantages and consequences of each so can make the best choice for you and your family.

[cdntrustee]

LICENSED INSOLVENCY TRUSTEE FEES: WHAT UNDENIABLE EVIDENCE IS NEEDED FOR COURT APPROVAL OF INSOLVENCY TRUSTEE FEES?

LICENSED INSOLVENCY TRUSTEE FEES: WHAT UNDENIABLE EVIDENCE IS NEEDED FOR COURT APPROVAL OF INSOLVENCY TRUSTEE FEES?

Licensed insolvency trustee fees:  How is a licensed insolvency trustee paid? Are your debts or your company’s debts and financial situation causing you so much stress that you are considering speaking to a licensed insolvency trustee (formerly called a bankruptcy trustee or trustees in bankruptcy), but you are worried about the licensed insolvency trustee fees?  Are you concerned about the…

[delta-hexagon]

HELLO FRIENDS it’s that time of year where i reluctantly reach out and ask for help of the monetary kind

Good News: i’ve been in contact with a ~licensed insolvency trustee~ to help me out with my financial issues!

Bad News: until we’re able to set up an appointment, i’m... still struggling :’)

all my major bills are paid, but i’m short 100 bucks for an automatic payment that’ll be coming out of my bank account this coming week. and if it tries to take the money and its not there, my bank will lovingly smack me with a $45 insufficient funds fee! isn’t that great! i love capitalism!!

(she said this while crying into her hands)

if anyone is at all willing to donate to help me through until i get that appointment set up to help with all my crippling financial debt issues, that would be wonderful

if you can’t, hey, thats okay too! we’re all struggling in a world that hates poor people and i dont expect anyone to give what they don’t have. to say life is hard is an understatement

thank you just for reading my post <3

Ko-fi link

Paypal.me Link

[consolidation01]

Is Debt Consolidation Necessary?

With near everyone complaining about credit card bills they can no longer pay and mortgages they never should have taken out in the first place, it was just a matter of time before the debt consolidation industry took hold of the public's imagination. Most people finally seem to understand that, after 2005 congressional legislation, Chapter 7 bankruptcy no longer promises anything to ordinary consumers beyond increasingly dear attorney fees, and, if recent studies are true, our national obsession with unsecured debt continues unabated. Learn More About Debt Consolidation. Contact us today if you are considering a debt consolidation loan. Winnipeg residents can call to schedule a free, no-obligation consultation with a Caplan Debt Solutions licensed insolvency trustee (LIT) who will assess your options and provide advice to help you manage your debt. At Caplan Debt Solutions, we are committed to serving everyone we meet in a pressure- and judgement-free environment – it is our goal to “Get Debt Off Your Mind!”

[insolvency1]

Do The Pros Outweigh The Cons Of Being Bankrupt?

Do The Pros Outweigh The Cons Of Being Bankrupt?

Many times bankruptcy can feel like a complicated maze with no exit. It can even be termed as a “black cloud”, as many clients often fear the word itself.

While declaring bankruptcy might seem like an easy way out, it should never be considered the first point of action when faced with financial troubles. Your main priority should always be to see if you can pay off your debts before you go bankrupt. 

However, if you have already considered every other avenue with no escape insight, you can consider declaring your bankruptcy. 

Therefore, if you or a loved one finds themselves in a similar situation, it is always worth weighing the pros and cons to see if this is a viable option for you. 

So, let’s get started!

What Is Bankruptcy?

In simple terms, bankruptcy is a legal proceeding that aims to give people a fresh start who cannot repay all their debts by liquidating their assets and curating insolvency practice rules. With these two in place, they can pay back all their debts. Other than personal services, the laws of bankruptcy also help to protect businesses that struggle financially.

What Are The Pros And Cons Of Declaring Bankruptcy?

When you have tried every method to get out of bankruptcy, but to no avail, you can apply for bankruptcy. This way, you can get the help you need to deal with debts and other payments.

However, before you decide to file for bankruptcy, it is always a wise idea to weigh the pros and cons to see if it is a good idea for you.

What Are The Pros?

Bankruptcy will help you cancel almost all of your debts for good. These include credit card debits, personal loans, payday loans and so on.

Debt collectors and creditors will stop bothering you. 

There is no pre-set minimum amount or any lodgment fees needed to file for bankruptcy. A certified insolvency agency will help get the paperwork done, free of cost.

You can save a lot of expenses while declaring bankruptcy, as all your savings will be protected.

With a reliable insolvency professional, there is a good chance of you keeping your house. 

All your vital assets, including personal belongings, furniture, vehicles etc., are protected.

All tools used to earn a monthly income are protected. 

The withdrawn superannuation and the one that your employer pays are protected.

You can still continue to run a business with your own name. 

You will still be able to travel overseas while being bankrupt with written permission from your Trustee. 

Your personal bankruptcy situation will never be advertised or publicized.

What Are The Cons?

The process of bankruptcy Australia is tiring as it can last almost three years. 

You will not be able to buy any assets or properties while being bankrupt.

Being bankrupt might affect the licenses you currently hold to earn your monthly income.

Once you declare bankruptcy, your identity will always remain on the NPII (also known as National Personal Insolvency Index).

It is not possible for you to be self-managed or the trustee of the Superannuation Fund.

It is not possible to be the full owner/director of a business.

Bankruptcy might not get rid of all debts. This includes the fines as ordered by the Court, fraud debts, HECS debts, child support payments, and so on.

Your Trustee will require unexpected payments should you happen to win a lottery or gamble.

Final Words

While bankruptcy might sound like the end of the world, we assure you it is not. In some cases, it might even do well for you. However, make sure to always keep bankruptcy as a last resort to solve your problems. 

If you find yourself weighed down by your debts, reach out to Insolvency Australia to discuss if bankruptcy is the best solution for all your financial troubles!

[bransens]

Everything to know about Cayman Islands Investment Fund

The Cayman Islands is a top-most domicile for investment funds, drawing more than 80% of all brand-new fund development in the islands. On top of that, Cayman is home to the industry’s estimated US$1.1 trillion of assets under management and 75% of foreign hedge funds.

Legal service providers in the Cayman Islands have extensive experience to manage multiple investment funds within complex multi-fund structures from venture capital funds, private equity, and CIMA-registered hedge funds. In this write-up, we are going to discuss the benefits and types of investment funds in the Cayman Islands.

Benefits of Cayman Islands Investment Funds

The Cayman Islands is the first choice of investors due to its operational and structural advantages. Let’s learn more about its benefits;

Economic and political stability

No restrictions on exchange controls

Reliable Service Providers

Expertise in the investment sector

Flexible Legislation

Tax Neutrality

Cayman Regulators are Innovation, flexible, and approachable

Cayman’s investment fund fee structure is competitive

The Cayman Islands is on the OECD “White List” and registered with tax information exchange agreements (TIEA) with 19 countries

Investment Funds of the Cayman Islands

The Mutual Funds Act dictates the majority of the hedge funds that are accommodated in the Cayman Islands. You can find advisers with years of experience in the legislation and the Cayman Islands Companies Act. They will guide you through the entire process, including the documentation for establishing your fund in the right category.

Types of Cayman Investment Funds

Regulated/Open-ended Mutual Funds

Regulated funds meet various criteria of the Mutual Funds Act. They are subject to regulation under CIMA’s Investment, and Securities Division to conduct business as a licensed mutual fund, hedge fund, administered mutual fund, a master, or a registered fund.

2. Exempted Funds/ Closed-ended

For closed-ended funds, an investor’s investment is financed for a life with no convenience of redemption. Therefore a closed-ended fund is suitable for investments that require a more extended timeline to mature. This may include venture capital, private equity, infrastructure investments, and real estate. Moreover, closed-ended funds are not regulated in the Cayman Islands. They are a popular investment choice among venture capital and private equity firms operating in foreign countries.

Exempted funds are generally mutual funds that will not be expected to be governed by CIMA. Here, there are no more than 15 investors, the majority of which are proficient in dismissing or appointing the fund’s directors. This type of fund may administer business without obtaining a license under the Mutual Fund Act, without filing any paper with CIMA, or without appointing a licensed mutual fund administrator. Despite this, a private mutual fund is considered to be a regulated mutual fund.

Exempted Cayman Islands Investment Funds Vehicles

An investment fund may follow one of the structures given below. You can choose the most appropriate structure as per your circumstances.

Cayman Islands Exempted Company

Developed as per the Cayman Islands Companies Act, an exempted company runs its business primarily outside the Cayman Islands.

Cayman Islands Exempted Limited Partnership (ELP)

Being a famous structure with private equity funds, the ELP provides a speed-to-market that makes it practical and efficient while settling in the Cayman Islands. The ELP include one or more general partners with one or limited partners and corporation with or without limited liability.

Cayman Islands Segregated Portfolio Company (SPC)

SPC is considered a common form of an exempted company. The structure of SPC permits the company to separate its assets and liabilities retained within one portfolio from another portfolio or from the company’s general assets imputable to any definite portfolio.

Cayman Islands Unit Trusts

A unit trust is developed by a trust instrument in the form of a statement of trust created by the trustee or in the form of a trust deed performed by both manager and the trustee. A unit trust will typically be registered with the Registrar of Trusts as an exempted trust under Section 74 of the Trusts Act and thus receive a tax undertaking from the Governor in Cabinet following Section 81 of the Trusts Act.

Cayman Islands Investment Fund Advisors

Take advice from a professional adviser of a law firm in the Cayman Islands on fund formation and development in the Cayman Islands. They will also assist you in matters relating to contractual and constitutional documentation, registered office, administration services, restructuring liquidation, winding up of funds, and insolvency.

Source: https://caymanislandsinfo.medium.com/everything-to-know-about-cayman-islands-investment-fund-826695b69b0b

[cmsgroupca]

Manage your money for stable mental health

Financial stress can lead to a decline in a person's psychological state. In turn, a decline in mental health can lead to even more financial stress. If this situation sounds familiar to you, here are four things along with debt consolidation loan Vaughan you can do to break the cycle.

 What Constitutes Financial Stress? Financial concerns include, but are not limited to, debt, living paycheck to paycheck for fear of unexpected expenses, not being able to save money, and living on household expenses too high.

 Steps to take to get out of your financial stress and improve your situation:

 1. Get organized

The very first step in getting rid of your financial stress is getting organized. Seek out debt consultation Vaughan to create a complete budget, you need to write down the amount of your net income. After identifying your net income, also track all your expenses, including your fixed expenses (rent, car payment, cell phone bill, etc.) as well as your variable expenses (groceries, entertainment, gasoline, etc.). It's also important to keep track of all of your monthly bills to avoid having to pay additional fees. 

 2. Set financial goals

After you've created your budget, you should have a clearer idea of what you're working with. Most importantly, you will know exactly how much money you have left after paying all of your expenses. You can then set yourself financial goals, such as setting aside a certain amount of money to save or spending more on debt. It's important to set short and long-term goals so that every time you've achieved one of your goals you'll feel more motivated.

 3. Examine the plans offered 

While it is important to try to get yourself out of financial distress, it is just as important to prevent them from finding themselves in this kind of situation. To do this, do your research on the various plans offered by your workplaces, such as pension plans and health care plans. These plans can help you avoid financial problems and unforeseen expenses in the future along with debt relief credit card Vaughan.

 4. Get expert advice

If, after doing all of the above, you still feel like there is no way out of your precarious situation and your mental health is deteriorating, contact a Licensed Insolvency Trustee who will review your financial situation and be able to determine which solution is right for you. These solutions can include debt consolidation, personal bankruptcy, a consumer proposal, voluntary deposit, or just a realignment of the budget.

[melissawalker01]

Utah Real Estate Code 57-1-21

Utah Real Estate Code 57-1-21: Trustees of Trust Deeds — Qualifications

The trustee of a trust deed shall be: (1)(a) any individual who is an active member of the Utah State Bar, or any entity in good standing that is organized to provide licensed professional legal services and employs an active member of the Utah State Bar, if the individual or entity is able to do business in the state and maintains an office in the state where the trustor or other interested parties may meet with the trustee to: request information about what is required to reinstate or payoff the obligation secured by the trust deed; (A) deliver written communications to the lender as required by both the trust deed and by law; (B) deliver funds to reinstate or pay off the loan secured by the trust deed; or

© deliver funds by a bidder at a foreclosure sale to pay for the purchase of the property secured by the trust deed; (D) any depository institution as defined in (ii) Section 7-1-103 , or insurance company authorized to do business and actually doing business in Utah under the laws of Utah or the United States; any corporation authorized to conduct a trust business and actually conducting a trust business in Utah under the laws of Utah or the United States; (iii) any title insurance company or agency that: (iv) holds a certificate of authority or license under Title 31A, Insurance Code, to conduct insurance business in the state; (A) Is actually doing business in the state;  and (B) maintains a bona fide office in the state; © any agency of the United States government;  or (v) any association or corporation that is licensed, chartered, or regulated by the Farm Credit Administration or its successor. (vi) For purposes of this Subsection (1), a person maintains a bona fide office within the state if that person maintains a physical office in the state: (b) that is open to the public; (i) that is staffed during regular business hours on regular business days; and (ii) at which a trustor of a trust deed may in person: (iii) request information regarding a trust deed; or (A) deliver funds, including reinstatement or (B) re payoff funds. This Subsection (1) is not applicable to a trustee of a trust deed existing prior to May 14, 1963, nor to any agreement that is supplemental to that trust deed. © The amendments in Laws of Utah 2002, Chapter 209, to this Subsection (1) apply only to a trustee that is appointed on or after May 6, 2002. (d) For an entity that acts as a trustee under Subsection (1)(a)(i), only a member attorney of the entity who is currently licensed to practice law in the state may sign documents on behalf of the entity in the entity’s capacity as trustee. (e) The trustee of a trust deed may not be the beneficiary of the trust deed, unless the beneficiary is qualified to be a trustee under Subsection (1)(a)(ii), (iii), (v), or (vi). (2) The power of sale conferred by (3) Section 57-1-23 may only be exercised by the trustee of a trust deed if the trustee is qualified under Subsection (1)(a)(i) or (iv).

Naming a Trustee in Your Deed of Trust

A trust deed with an unqualified trustee or without a trustee shall be effective to create a lien on the trust property, but the power of sale and other trustee powers under the trust deed may be exercised only if the beneficiary has appointed a qualified successor trustee under (4) Section 57-1-22 . If you use a deed of trust, either to purchase real estate or to borrow money using your property as collateral, a proper trustee must be part of the transaction. Most states that commonly use deeds of trust instead of mortgages have laws regarding the qualifications of the trustee.

Using a Deed of Trust

A deed of trust is a legal document used in a real estate transaction either when the purchaser is borrowing funds for the purchase or when an owner of real estate borrows money and uses the property as collateral for the loan. While most states usually use a mortgage instead, a deed of trust is commonly used in some states, so check local laws to find out what is applicable in your situation. Your bank, savings and loan, credit union, or a local title insurer or real estate broker may also be able to give you this information or even help you find a trustee. A deed of trust involves three parties: the borrower, the lender, and the trustee. In a deed of trust, the borrower is called the trustor and the lender is the beneficiary. The trustee holds title to the property until the trustor has fully repaid the loan to the beneficiary, at which time the lender notifies the trustee, who then transfers full title of the property to the trustor. Although deeds of trust are sometimes called mortgages, the two documents are actually quite different. With a mortgage, there are only two parties: the borrower, known as the mortgagor, and the lender, or mortgagee. The borrower holds title to the property and the lender has a lien on the property until the loan is fully repaid, at which time the lender executes and records a release of the mortgage. Deeds of trust are usually preferred by lenders since they may offer simpler foreclosure procedures in the event of default by the borrower.

Commercial Lenders and Private Transactions

If you borrow from a commercial lender, it is most likely that the lender will determine the trustee, which is typically a title company, professional escrow company, or other company in the business of serving as a real estate trustee. Sometimes a real estate broker or an attorney serves in this role some states have laws governing who may or may not serve as a trustee in a deed of trust. Generally, the trustee must be an attorney, title insurance company, trust company, bank, savings and loan, credit union, or other company specifically authorized by law to serve as a trustee. Other states have no limitations. If you borrow from the seller of the property or another private party, you and the lender need to agree upon a third-party trustee. As with a commercial lender, you may be able to use a title company, escrow agent, real estate broker, or attorney for this purpose. Whether your trustee is a person or company, you need to make sure they can be relied upon to act impartially and to fulfill the necessary duties and responsibilities. Assistance with property transfers may also be obtained from an online service provider.

How to become a Licensed Insolvency Trustee

The Superintendent of Bankruptcy has the authority, under the Bankruptcy and Insolvency Act (BIA), to grant licenses to Licensed Insolvency Trustees. Before granting a license, however, the Superintendent must be satisfied that candidates meet certain qualifications. They must, for example: • be of good character and reputation • be solvent • successfully complete the Chartered Insolvency and Restructuring Professional (CIRP) Qualification Program (CQP), the CIRP National Insolvency Exam and the Insolvency Counsellor’s Qualification Course; and • pass an Oral Board of Examination

Main Duties of a Trustee

A trustee is an entity or person formally appointed to manage the assets of a trust for the benefit of its beneficiaries in accordance with the terms of the trust. A trustee owes fiduciary duties to the beneficiaries. These duties are typically set out in the trust deed or provided by Statute. Duty to the terms A trustee must know and adhere to the terms of the trust which are prescribed by the trust deed.

Duty of loyalty

Trustees have a fiduciary duty towards beneficiaries. A trustee must administer the trust solely in the interest of the trust beneficiaries and cannot place his or her interest in conflict with beneficiaries. Trustees should not profit personally from their role as trustees other than a fee which they may receive for their trusteeship.

Duty to manage the trust efficiently

To manage a trust efficiently, a trustee must be very familiar with the terms of the trust, the trust’s assets and liabilities, the circumstances of the beneficiaries and the purpose of the trust. Effective management systems should be in place to ensure that the appropriate decisions are made in a timely manner and taking into account the terms of the trust and the interests of the beneficiaries. This also includes effective communication with related parties and proper record keeping. A trustee also has a duty to invest prudently on behalf of the trust and should diversify the investment of trust assets in the interest of beneficiaries.

Duty to act personally

Trustees act personally and must be involved in decision-making in respect of a trust. While trustees are typically permitted to engage advisers such as lawyers and financial advisers, the final decision on trust matters should be made by the trustee. In certain circumstances, trustees may delegate powers to third parties by power of attorney or deed of delegation. This must be permitted by the trust deed. For example, delegating powers to an agent to purchase or sell property overseas. The trustee is still obliged to properly instruct and supervise the agent. Where there is more than one trustee, decisions must be made unanimously unless otherwise permitted by the trust deed.

Duty to consider the beneficiaries

A trustee must act impartially with respect to the beneficiaries by considering all beneficiaries in their decision making. They should also not follow the instructions of the settlor but may give consideration to the wishes of the settlor which is not binding unless included in the terms of the trust.

Duty to account

Unless otherwise provided by a trust, a trustee must keep trust accounts and other records. They must also respect beneficiaries’ rights with regard to requests for trust information. Generally, beneficiaries have a right to receive information about the trust but not the decisions of the trustee.

What Powers Are Granted to a Trustee?

The powers the grantor gives you, the trustee, in a trust instrument include the buying and selling of assets, determining distributions to the beneficiaries, and even the hiring and firing of advisors. Distributions to beneficiaries will include income distributions and principal distributions. Your powers as trustee enable you to determine what the beneficiaries receive from the trust and when, and give you the administrative powers ensure the smooth running of the trust.

Powers of a trustee: Buying and selling assets

You, as trustee, typically have the power under the trust instrument to buy and sell assets (except for any unusual asset the grantor wants retained in the trust). Aside from any other specific directions in the trust instrument or state law, you must follow the prudent man rule that is, to act as a prudent person would in managing their own affairs. In addition, most states have a legal list of investments that are suitable for trusts. Powers of a trustee: Determining distributions to beneficiaries

The grantor can determine the frequency and amount of the distributions to the beneficiaries in the terms of the trust, or he or she can leave it to your discretion as trustee. If the grantor leaves it to your discretion, your job includes observing any guidelines in the trust instrument and adhering to the overall intent of the grantor. Some of the types of distributions you may need to make as a trustee include income distributions and principal distributions. Trusts contain different standards for when principal distributions can be made to a beneficiary based on whether the trust has an independent trustee. The following are two reasons for different standards for principal distributions:

• With no independent trustee: If there isn’t an independent trustee (and the trust is for the benefit of someone other than the grantor), the IRS has identified certain “magic words” that restrict the distribution of principal and keep the trust from being included in the beneficiary’s estate for estate tax purposes. The magic words that keep this trust out of the beneficiary’s estate are “health, education, maintenance, and support,” which constitute an ascertainable standard. This structuring may seem extremely technical, but it’s an important point, especially for the beneficiary and his or her heirs.

• With an independent trustee: Comfort isn’t one of the IRS’s magic words. Using the word “comfort” makes a trust taxable in a surviving spouse’s estate. Because many grantors feel the ascertainable standard described previously is too limiting, especially in a trust for the surviving spouse, grantors frequently elect to have an independent trustee. This enables the grantor to bestow broader powers of principal distribution without causing adverse tax consequences.

Hiring and firing advisors

The grantor and the person drafting the trust instrument understand that not every trustee will be a wizard at all aspects of trust administration. Trust instruments typically give the trustee the power to hire and fire advisors. Your grantor wants you to have any advice you need to run the trust and fulfill your fiduciary duty. If an advisor isn’t working out, including one whom the grantor has chosen, you need the power to let the advisor go whether for personal incompatibility with the trustee or a question of competence. If you feel you’ve given an advisor a fair chance to prove himself to you (and fair is defined by you as trustee, unless your trust instrument provides otherwise), then by all means, fire him and hire another one of your choice.

What Happens When a Will and a Revocable Trust Conflict?

A will and a trust are separate legal documents that typically share a common goal of facilitating a unified estate plan. While these two items ideally work in tandem, due to the fact that they are separate documents, they sometimes run in conflict with one another either accidentally or intentionally. By definition, a revocable trust is a living trust established during the life of the grantor, and may be changed at any time, while the grantor is still living. Since revocable trusts become operative before the will takes effect at death, the trust takes precedence over the will, when there are discrepancies between the two.

Terms Used In Utah Code 57-1-21

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. • Deed: The legal instrument used to transfer title in real property from one person to another. • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. • Lien: A claim against real or personal property in satisfaction of a debt. • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. • Property: includes both real and personal property. • State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. • Trustee: A person or institution holding and administering property in trust. • Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.

Real Estate Attorney

When you need real estate help, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Utah Real Estate Code 57-1-14

POD Beneficiary Law

Zoning In Utah

Law On Paying Taxes

Utah Real Estate Code 57-1-19

Utah Real Estate Code 57-1-20

{ "@context": "http://schema.org/", "@type": "Product", "name": "ascentlawfirm", "description": "Ascent <a href="https://www.ascentlawfirm.com/divorce-law/" >Law helps you in divorce, bankruptcy, probate, business or criminal cases in Utah, call 801-676-5506 for a free consultation today. We want to help you. ", "brand": { "@type": "Thing", "name": "ascentlawfirm" }, "aggregateRating": { "@type": "AggregateRating", "ratingValue": "4.9", "ratingCount": "118" }, "offers": { "@type": "Offer", "priceCurrency": "USD" } }

The post Utah Real Estate Code 57-1-21 first appeared on Michael Anderson.

from Michael Anderson https://www.ascentlawfirm.com/utah-real-estate-code-57-1-21/ from Divorce Lawyer Nelson Farms Utah https://divorcelawyernelsonfarmsutah.tumblr.com/post/630377703559905280

[coming-from-hell]

Utah Real Estate Code 57-1-21

Utah Real Estate Code 57-1-21: Trustees of Trust Deeds — Qualifications

The trustee of a trust deed shall be: (1)(a) any individual who is an active member of the Utah State Bar, or any entity in good standing that is organized to provide licensed professional legal services and employs an active member of the Utah State Bar, if the individual or entity is able to do business in the state and maintains an office in the state where the trustor or other interested parties may meet with the trustee to: request information about what is required to reinstate or payoff the obligation secured by the trust deed; (A) deliver written communications to the lender as required by both the trust deed and by law; (B) deliver funds to reinstate or pay off the loan secured by the trust deed; or

(C) deliver funds by a bidder at a foreclosure sale to pay for the purchase of the property secured by the trust deed; (D) any depository institution as defined in (ii) Section 7-1-103 , or insurance company authorized to do business and actually doing business in Utah under the laws of Utah or the United States; any corporation authorized to conduct a trust business and actually conducting a trust business in Utah under the laws of Utah or the United States; (iii) any title insurance company or agency that: (iv) holds a certificate of authority or license under Title 31A, Insurance Code, to conduct insurance business in the state; (A) Is actually doing business in the state;  and (B) maintains a bona fide office in the state; (C) any agency of the United States government;  or (v) any association or corporation that is licensed, chartered, or regulated by the Farm Credit Administration or its successor. (vi) For purposes of this Subsection (1), a person maintains a bona fide office within the state if that person maintains a physical office in the state: (b) that is open to the public; (i) that is staffed during regular business hours on regular business days; and (ii) at which a trustor of a trust deed may in person: (iii) request information regarding a trust deed; or (A) deliver funds, including reinstatement or (B) re payoff funds. This Subsection (1) is not applicable to a trustee of a trust deed existing prior to May 14, 1963, nor to any agreement that is supplemental to that trust deed. (c) The amendments in Laws of Utah 2002, Chapter 209, to this Subsection (1) apply only to a trustee that is appointed on or after May 6, 2002. (d) For an entity that acts as a trustee under Subsection (1)(a)(i), only a member attorney of the entity who is currently licensed to practice law in the state may sign documents on behalf of the entity in the entity’s capacity as trustee. (e) The trustee of a trust deed may not be the beneficiary of the trust deed, unless the beneficiary is qualified to be a trustee under Subsection (1)(a)(ii), (iii), (v), or (vi). (2) The power of sale conferred by (3) Section 57-1-23 may only be exercised by the trustee of a trust deed if the trustee is qualified under Subsection (1)(a)(i) or (iv).

Naming a Trustee in Your Deed of Trust

A trust deed with an unqualified trustee or without a trustee shall be effective to create a lien on the trust property, but the power of sale and other trustee powers under the trust deed may be exercised only if the beneficiary has appointed a qualified successor trustee under (4) Section 57-1-22 . If you use a deed of trust, either to purchase real estate or to borrow money using your property as collateral, a proper trustee must be part of the transaction. Most states that commonly use deeds of trust instead of mortgages have laws regarding the qualifications of the trustee.

Using a Deed of Trust

A deed of trust is a legal document used in a real estate transaction either when the purchaser is borrowing funds for the purchase or when an owner of real estate borrows money and uses the property as collateral for the loan. While most states usually use a mortgage instead, a deed of trust is commonly used in some states, so check local laws to find out what is applicable in your situation. Your bank, savings and loan, credit union, or a local title insurer or real estate broker may also be able to give you this information or even help you find a trustee. A deed of trust involves three parties: the borrower, the lender, and the trustee. In a deed of trust, the borrower is called the trustor and the lender is the beneficiary. The trustee holds title to the property until the trustor has fully repaid the loan to the beneficiary, at which time the lender notifies the trustee, who then transfers full title of the property to the trustor. Although deeds of trust are sometimes called mortgages, the two documents are actually quite different. With a mortgage, there are only two parties: the borrower, known as the mortgagor, and the lender, or mortgagee. The borrower holds title to the property and the lender has a lien on the property until the loan is fully repaid, at which time the lender executes and records a release of the mortgage. Deeds of trust are usually preferred by lenders since they may offer simpler foreclosure procedures in the event of default by the borrower.

Commercial Lenders and Private Transactions

If you borrow from a commercial lender, it is most likely that the lender will determine the trustee, which is typically a title company, professional escrow company, or other company in the business of serving as a real estate trustee. Sometimes a real estate broker or an attorney serves in this role some states have laws governing who may or may not serve as a trustee in a deed of trust. Generally, the trustee must be an attorney, title insurance company, trust company, bank, savings and loan, credit union, or other company specifically authorized by law to serve as a trustee. Other states have no limitations. If you borrow from the seller of the property or another private party, you and the lender need to agree upon a third-party trustee. As with a commercial lender, you may be able to use a title company, escrow agent, real estate broker, or attorney for this purpose. Whether your trustee is a person or company, you need to make sure they can be relied upon to act impartially and to fulfill the necessary duties and responsibilities. Assistance with property transfers may also be obtained from an online service provider.

How to become a Licensed Insolvency Trustee

The Superintendent of Bankruptcy has the authority, under the Bankruptcy and Insolvency Act (BIA), to grant licenses to Licensed Insolvency Trustees. Before granting a license, however, the Superintendent must be satisfied that candidates meet certain qualifications. They must, for example: • be of good character and reputation • be solvent • successfully complete the Chartered Insolvency and Restructuring Professional (CIRP) Qualification Program (CQP), the CIRP National Insolvency Exam and the Insolvency Counsellor’s Qualification Course; and • pass an Oral Board of Examination

Main Duties of a Trustee

A trustee is an entity or person formally appointed to manage the assets of a trust for the benefit of its beneficiaries in accordance with the terms of the trust. A trustee owes fiduciary duties to the beneficiaries. These duties are typically set out in the trust deed or provided by Statute. Duty to the terms A trustee must know and adhere to the terms of the trust which are prescribed by the trust deed.

Duty of loyalty

Trustees have a fiduciary duty towards beneficiaries. A trustee must administer the trust solely in the interest of the trust beneficiaries and cannot place his or her interest in conflict with beneficiaries. Trustees should not profit personally from their role as trustees other than a fee which they may receive for their trusteeship.

Duty to manage the trust efficiently

To manage a trust efficiently, a trustee must be very familiar with the terms of the trust, the trust’s assets and liabilities, the circumstances of the beneficiaries and the purpose of the trust. Effective management systems should be in place to ensure that the appropriate decisions are made in a timely manner and taking into account the terms of the trust and the interests of the beneficiaries. This also includes effective communication with related parties and proper record keeping. A trustee also has a duty to invest prudently on behalf of the trust and should diversify the investment of trust assets in the interest of beneficiaries.

Duty to act personally

Trustees act personally and must be involved in decision-making in respect of a trust. While trustees are typically permitted to engage advisers such as lawyers and financial advisers, the final decision on trust matters should be made by the trustee. In certain circumstances, trustees may delegate powers to third parties by power of attorney or deed of delegation. This must be permitted by the trust deed. For example, delegating powers to an agent to purchase or sell property overseas. The trustee is still obliged to properly instruct and supervise the agent. Where there is more than one trustee, decisions must be made unanimously unless otherwise permitted by the trust deed.

Duty to consider the beneficiaries

A trustee must act impartially with respect to the beneficiaries by considering all beneficiaries in their decision making. They should also not follow the instructions of the settlor but may give consideration to the wishes of the settlor which is not binding unless included in the terms of the trust.

Duty to account

Unless otherwise provided by a trust, a trustee must keep trust accounts and other records. They must also respect beneficiaries’ rights with regard to requests for trust information. Generally, beneficiaries have a right to receive information about the trust but not the decisions of the trustee.

What Powers Are Granted to a Trustee?

The powers the grantor gives you, the trustee, in a trust instrument include the buying and selling of assets, determining distributions to the beneficiaries, and even the hiring and firing of advisors. Distributions to beneficiaries will include income distributions and principal distributions. Your powers as trustee enable you to determine what the beneficiaries receive from the trust and when, and give you the administrative powers ensure the smooth running of the trust.

Powers of a trustee: Buying and selling assets

You, as trustee, typically have the power under the trust instrument to buy and sell assets (except for any unusual asset the grantor wants retained in the trust). Aside from any other specific directions in the trust instrument or state law, you must follow the prudent man rule that is, to act as a prudent person would in managing their own affairs. In addition, most states have a legal list of investments that are suitable for trusts. Powers of a trustee: Determining distributions to beneficiaries

The grantor can determine the frequency and amount of the distributions to the beneficiaries in the terms of the trust, or he or she can leave it to your discretion as trustee. If the grantor leaves it to your discretion, your job includes observing any guidelines in the trust instrument and adhering to the overall intent of the grantor. Some of the types of distributions you may need to make as a trustee include income distributions and principal distributions. Trusts contain different standards for when principal distributions can be made to a beneficiary based on whether the trust has an independent trustee. The following are two reasons for different standards for principal distributions:

• With no independent trustee: If there isn’t an independent trustee (and the trust is for the benefit of someone other than the grantor), the IRS has identified certain “magic words” that restrict the distribution of principal and keep the trust from being included in the beneficiary’s estate for estate tax purposes. The magic words that keep this trust out of the beneficiary’s estate are “health, education, maintenance, and support,” which constitute an ascertainable standard. This structuring may seem extremely technical, but it’s an important point, especially for the beneficiary and his or her heirs.

• With an independent trustee: Comfort isn’t one of the IRS’s magic words. Using the word “comfort” makes a trust taxable in a surviving spouse’s estate. Because many grantors feel the ascertainable standard described previously is too limiting, especially in a trust for the surviving spouse, grantors frequently elect to have an independent trustee. This enables the grantor to bestow broader powers of principal distribution without causing adverse tax consequences.

Hiring and firing advisors

The grantor and the person drafting the trust instrument understand that not every trustee will be a wizard at all aspects of trust administration. Trust instruments typically give the trustee the power to hire and fire advisors. Your grantor wants you to have any advice you need to run the trust and fulfill your fiduciary duty. If an advisor isn’t working out, including one whom the grantor has chosen, you need the power to let the advisor go whether for personal incompatibility with the trustee or a question of competence. If you feel you’ve given an advisor a fair chance to prove himself to you (and fair is defined by you as trustee, unless your trust instrument provides otherwise), then by all means, fire him and hire another one of your choice.

What Happens When a Will and a Revocable Trust Conflict?

A will and a trust are separate legal documents that typically share a common goal of facilitating a unified estate plan. While these two items ideally work in tandem, due to the fact that they are separate documents, they sometimes run in conflict with one another either accidentally or intentionally. By definition, a revocable trust is a living trust established during the life of the grantor, and may be changed at any time, while the grantor is still living. Since revocable trusts become operative before the will takes effect at death, the trust takes precedence over the will, when there are discrepancies between the two.

Terms Used In Utah Code 57-1-21

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. • Deed: The legal instrument used to transfer title in real property from one person to another. • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. • Lien: A claim against real or personal property in satisfaction of a debt. • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. • Property: includes both real and personal property. • State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. • Trustee: A person or institution holding and administering property in trust. • Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.

Real Estate Attorney

When you need real estate help, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Utah Real Estate Code 57-1-14

POD Beneficiary Law

Zoning In Utah

Law On Paying Taxes

Utah Real Estate Code 57-1-19

Utah Real Estate Code 57-1-20

{ "@context": "http://schema.org/", "@type": "Product", "name": "ascentlawfirm", "description": "Ascent <a href="https://www.ascentlawfirm.com/divorce-law/" >Law helps you in divorce, bankruptcy, probate, business or criminal cases in Utah, call 801-676-5506 for a free consultation today. We want to help you. ", "brand": { "@type": "Thing", "name": "ascentlawfirm" }, "aggregateRating": { "@type": "AggregateRating", "ratingValue": "4.9", "ratingCount": "118" }, "offers": { "@type": "Offer", "priceCurrency": "USD" } }

The post Utah Real Estate Code 57-1-21 first appeared on Michael Anderson.

Source: https://www.ascentlawfirm.com/utah-real-estate-code-57-1-21/

[divorcelawyergunnisonutah]

Utah Real Estate Code 57-1-21

Utah Real Estate Code 57-1-21: Trustees of Trust Deeds — Qualifications

The trustee of a trust deed shall be: (1)(a) any individual who is an active member of the Utah State Bar, or any entity in good standing that is organized to provide licensed professional legal services and employs an active member of the Utah State Bar, if the individual or entity is able to do business in the state and maintains an office in the state where the trustor or other interested parties may meet with the trustee to: request information about what is required to reinstate or payoff the obligation secured by the trust deed; (A) deliver written communications to the lender as required by both the trust deed and by law; (B) deliver funds to reinstate or pay off the loan secured by the trust deed; or

(C) deliver funds by a bidder at a foreclosure sale to pay for the purchase of the property secured by the trust deed; (D) any depository institution as defined in (ii) Section 7-1-103 , or insurance company authorized to do business and actually doing business in Utah under the laws of Utah or the United States; any corporation authorized to conduct a trust business and actually conducting a trust business in Utah under the laws of Utah or the United States; (iii) any title insurance company or agency that: (iv) holds a certificate of authority or license under Title 31A, Insurance Code, to conduct insurance business in the state; (A) Is actually doing business in the state;  and (B) maintains a bona fide office in the state; (C) any agency of the United States government;  or (v) any association or corporation that is licensed, chartered, or regulated by the Farm Credit Administration or its successor. (vi) For purposes of this Subsection (1), a person maintains a bona fide office within the state if that person maintains a physical office in the state: (b) that is open to the public; (i) that is staffed during regular business hours on regular business days; and (ii) at which a trustor of a trust deed may in person: (iii) request information regarding a trust deed; or (A) deliver funds, including reinstatement or (B) re payoff funds. This Subsection (1) is not applicable to a trustee of a trust deed existing prior to May 14, 1963, nor to any agreement that is supplemental to that trust deed. (c) The amendments in Laws of Utah 2002, Chapter 209, to this Subsection (1) apply only to a trustee that is appointed on or after May 6, 2002. (d) For an entity that acts as a trustee under Subsection (1)(a)(i), only a member attorney of the entity who is currently licensed to practice law in the state may sign documents on behalf of the entity in the entity’s capacity as trustee. (e) The trustee of a trust deed may not be the beneficiary of the trust deed, unless the beneficiary is qualified to be a trustee under Subsection (1)(a)(ii), (iii), (v), or (vi). (2) The power of sale conferred by (3) Section 57-1-23 may only be exercised by the trustee of a trust deed if the trustee is qualified under Subsection (1)(a)(i) or (iv).

Naming a Trustee in Your Deed of Trust

A trust deed with an unqualified trustee or without a trustee shall be effective to create a lien on the trust property, but the power of sale and other trustee powers under the trust deed may be exercised only if the beneficiary has appointed a qualified successor trustee under (4) Section 57-1-22 . If you use a deed of trust, either to purchase real estate or to borrow money using your property as collateral, a proper trustee must be part of the transaction. Most states that commonly use deeds of trust instead of mortgages have laws regarding the qualifications of the trustee.

Using a Deed of Trust

A deed of trust is a legal document used in a real estate transaction either when the purchaser is borrowing funds for the purchase or when an owner of real estate borrows money and uses the property as collateral for the loan. While most states usually use a mortgage instead, a deed of trust is commonly used in some states, so check local laws to find out what is applicable in your situation. Your bank, savings and loan, credit union, or a local title insurer or real estate broker may also be able to give you this information or even help you find a trustee. A deed of trust involves three parties: the borrower, the lender, and the trustee. In a deed of trust, the borrower is called the trustor and the lender is the beneficiary. The trustee holds title to the property until the trustor has fully repaid the loan to the beneficiary, at which time the lender notifies the trustee, who then transfers full title of the property to the trustor. Although deeds of trust are sometimes called mortgages, the two documents are actually quite different. With a mortgage, there are only two parties: the borrower, known as the mortgagor, and the lender, or mortgagee. The borrower holds title to the property and the lender has a lien on the property until the loan is fully repaid, at which time the lender executes and records a release of the mortgage. Deeds of trust are usually preferred by lenders since they may offer simpler foreclosure procedures in the event of default by the borrower.

Commercial Lenders and Private Transactions

If you borrow from a commercial lender, it is most likely that the lender will determine the trustee, which is typically a title company, professional escrow company, or other company in the business of serving as a real estate trustee. Sometimes a real estate broker or an attorney serves in this role some states have laws governing who may or may not serve as a trustee in a deed of trust. Generally, the trustee must be an attorney, title insurance company, trust company, bank, savings and loan, credit union, or other company specifically authorized by law to serve as a trustee. Other states have no limitations. If you borrow from the seller of the property or another private party, you and the lender need to agree upon a third-party trustee. As with a commercial lender, you may be able to use a title company, escrow agent, real estate broker, or attorney for this purpose. Whether your trustee is a person or company, you need to make sure they can be relied upon to act impartially and to fulfill the necessary duties and responsibilities. Assistance with property transfers may also be obtained from an online service provider.

How to become a Licensed Insolvency Trustee

The Superintendent of Bankruptcy has the authority, under the Bankruptcy and Insolvency Act (BIA), to grant licenses to Licensed Insolvency Trustees. Before granting a license, however, the Superintendent must be satisfied that candidates meet certain qualifications. They must, for example: • be of good character and reputation • be solvent • successfully complete the Chartered Insolvency and Restructuring Professional (CIRP) Qualification Program (CQP), the CIRP National Insolvency Exam and the Insolvency Counsellor’s Qualification Course; and • pass an Oral Board of Examination

Main Duties of a Trustee

A trustee is an entity or person formally appointed to manage the assets of a trust for the benefit of its beneficiaries in accordance with the terms of the trust. A trustee owes fiduciary duties to the beneficiaries. These duties are typically set out in the trust deed or provided by Statute. Duty to the terms A trustee must know and adhere to the terms of the trust which are prescribed by the trust deed.

Duty of loyalty

Trustees have a fiduciary duty towards beneficiaries. A trustee must administer the trust solely in the interest of the trust beneficiaries and cannot place his or her interest in conflict with beneficiaries. Trustees should not profit personally from their role as trustees other than a fee which they may receive for their trusteeship.

Duty to manage the trust efficiently

To manage a trust efficiently, a trustee must be very familiar with the terms of the trust, the trust’s assets and liabilities, the circumstances of the beneficiaries and the purpose of the trust. Effective management systems should be in place to ensure that the appropriate decisions are made in a timely manner and taking into account the terms of the trust and the interests of the beneficiaries. This also includes effective communication with related parties and proper record keeping. A trustee also has a duty to invest prudently on behalf of the trust and should diversify the investment of trust assets in the interest of beneficiaries.

Duty to act personally

Trustees act personally and must be involved in decision-making in respect of a trust. While trustees are typically permitted to engage advisers such as lawyers and financial advisers, the final decision on trust matters should be made by the trustee. In certain circumstances, trustees may delegate powers to third parties by power of attorney or deed of delegation. This must be permitted by the trust deed. For example, delegating powers to an agent to purchase or sell property overseas. The trustee is still obliged to properly instruct and supervise the agent. Where there is more than one trustee, decisions must be made unanimously unless otherwise permitted by the trust deed.

Duty to consider the beneficiaries

A trustee must act impartially with respect to the beneficiaries by considering all beneficiaries in their decision making. They should also not follow the instructions of the settlor but may give consideration to the wishes of the settlor which is not binding unless included in the terms of the trust.

Duty to account

Unless otherwise provided by a trust, a trustee must keep trust accounts and other records. They must also respect beneficiaries’ rights with regard to requests for trust information. Generally, beneficiaries have a right to receive information about the trust but not the decisions of the trustee.

What Powers Are Granted to a Trustee?

The powers the grantor gives you, the trustee, in a trust instrument include the buying and selling of assets, determining distributions to the beneficiaries, and even the hiring and firing of advisors. Distributions to beneficiaries will include income distributions and principal distributions. Your powers as trustee enable you to determine what the beneficiaries receive from the trust and when, and give you the administrative powers ensure the smooth running of the trust.

Powers of a trustee: Buying and selling assets

You, as trustee, typically have the power under the trust instrument to buy and sell assets (except for any unusual asset the grantor wants retained in the trust). Aside from any other specific directions in the trust instrument or state law, you must follow the prudent man rule that is, to act as a prudent person would in managing their own affairs. In addition, most states have a legal list of investments that are suitable for trusts. Powers of a trustee: Determining distributions to beneficiaries

The grantor can determine the frequency and amount of the distributions to the beneficiaries in the terms of the trust, or he or she can leave it to your discretion as trustee. If the grantor leaves it to your discretion, your job includes observing any guidelines in the trust instrument and adhering to the overall intent of the grantor. Some of the types of distributions you may need to make as a trustee include income distributions and principal distributions. Trusts contain different standards for when principal distributions can be made to a beneficiary based on whether the trust has an independent trustee. The following are two reasons for different standards for principal distributions:

• With no independent trustee: If there isn’t an independent trustee (and the trust is for the benefit of someone other than the grantor), the IRS has identified certain “magic words” that restrict the distribution of principal and keep the trust from being included in the beneficiary’s estate for estate tax purposes. The magic words that keep this trust out of the beneficiary’s estate are “health, education, maintenance, and support,” which constitute an ascertainable standard. This structuring may seem extremely technical, but it’s an important point, especially for the beneficiary and his or her heirs.

• With an independent trustee: Comfort isn’t one of the IRS’s magic words. Using the word “comfort” makes a trust taxable in a surviving spouse’s estate. Because many grantors feel the ascertainable standard described previously is too limiting, especially in a trust for the surviving spouse, grantors frequently elect to have an independent trustee. This enables the grantor to bestow broader powers of principal distribution without causing adverse tax consequences.

Hiring and firing advisors

The grantor and the person drafting the trust instrument understand that not every trustee will be a wizard at all aspects of trust administration. Trust instruments typically give the trustee the power to hire and fire advisors. Your grantor wants you to have any advice you need to run the trust and fulfill your fiduciary duty. If an advisor isn’t working out, including one whom the grantor has chosen, you need the power to let the advisor go whether for personal incompatibility with the trustee or a question of competence. If you feel you’ve given an advisor a fair chance to prove himself to you (and fair is defined by you as trustee, unless your trust instrument provides otherwise), then by all means, fire him and hire another one of your choice.

What Happens When a Will and a Revocable Trust Conflict?

A will and a trust are separate legal documents that typically share a common goal of facilitating a unified estate plan. While these two items ideally work in tandem, due to the fact that they are separate documents, they sometimes run in conflict with one another either accidentally or intentionally. By definition, a revocable trust is a living trust established during the life of the grantor, and may be changed at any time, while the grantor is still living. Since revocable trusts become operative before the will takes effect at death, the trust takes precedence over the will, when there are discrepancies between the two.

Terms Used In Utah Code 57-1-21

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. • Deed: The legal instrument used to transfer title in real property from one person to another. • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. • Lien: A claim against real or personal property in satisfaction of a debt. • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. • Property: includes both real and personal property. • State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. • Trustee: A person or institution holding and administering property in trust. • Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.

Real Estate Attorney

When you need real estate help, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Utah Real Estate Code 57-1-14

POD Beneficiary Law

Zoning In Utah

Law On Paying Taxes

Utah Real Estate Code 57-1-19

Utah Real Estate Code 57-1-20

{ "@context": "http://schema.org/", "@type": "Product", "name": "ascentlawfirm", "description": "Ascent <a href="https://www.ascentlawfirm.com/divorce-law/" >Law helps you in divorce, bankruptcy, probate, business or criminal cases in Utah, call 801-676-5506 for a free consultation today. We want to help you. ", "brand": { "@type": "Thing", "name": "ascentlawfirm" }, "aggregateRating": { "@type": "AggregateRating", "ratingValue": "4.9", "ratingCount": "118" }, "offers": { "@type": "Offer", "priceCurrency": "USD" } }

The post Utah Real Estate Code 57-1-21 first appeared on Michael Anderson.

from Michael Anderson https://www.ascentlawfirm.com/utah-real-estate-code-57-1-21/

[cdntrustee]

PAY BANKRUPTCY FEE ONLINE? BE LIKE NIKKI HALEY AND DON'T GET CONFUSED

PAY BANKRUPTCY FEE ONLINE? BE LIKE NIKKI HALEY AND DON’T GET CONFUSED

Pay bankruptcy fee online:  Introduction

A ruling in a proposed class action against a defunct Orlando Florida attorney firm, claimed a lawyer goes against government law “if he instructs a client to pay his bankruptcy related legal costs making use of a credit card.”  That would also include using a credit card, either directly or through a third-party site, to pay bankruptcy fee online with a…

[maybellmcintosh]

Things to Know With a Consumer Proposal

I think that we are at a point where most consumers are aware of consumer proposals and what they try to achieve. A consumer proposal is one of the options that might be available to someone who is insolvent and unable to keep up with their required payments. Here we will talk about things to know about your role in the process, a few of the things to know about the Licensed Insolvency Trustee’s role and things to know about how the creditors might respond in your consumer proposal. Well let’s get started!

Consumer Proposals and Where to Start

Always, always start with contacting a Licensed Insolvency Trustee (LIT). Most, if not all LITs provide free consultations and provide the whole list of options that can help with your debt situation. LITs get their authority from the Bankruptcy and Insolvency Act, which is important when dealing with creditors that are looking to exercise their rights; and are governed by the Office of the Superintendent of Bankruptcy. The fees that a LIT can charge under a consumer proposal are also regulated by the Bankruptcy and Insolvency Act.

What does all that mean?

You will save money when you start with a LIT and you can have confidence in the process, given its regulated nature.

Doing Your Part

It is important to know that since this is your consumer proposal, you have to be an active participant in the process. This is more than just making the lowest possible payment to your creditors.

The Assessment

When you meet with your LIT, it is important to be transparent and honest. The LIT is an officer of the court and has to balance your rights with the rights of all other stakeholders. You will be required to disclose ALL assets, ALL creditors and ALL sources of income and any other relevant information – got it? In some cases, people will hide material information. This creates issues when this information surfaces. The creditors and the LIT will also lose confidence in your intentions. One of the goals of the Bankruptcy and Insolvency Act is to provide an honest but overburdened debtor a fresh start. So be honest!

Creditors Rights

The LIT will generally provide a recommended payment that you should offer under your consumer proposal. This is generally a fixed monthly payment for 60 months. This is only a recommendation and creditors do have rights – I know, hard to believe!

Some creditors don’t invest too much in the way of resources in this process and will accept a consumer proposal that an Administrator (appointed title for a Trustee under a consumer proposal) recommends.

Other creditors will endeavour to maximize their recovery. These creditors will either look for a certain return on the dollar or will pick apart your estimated household expenses (i.e. if you’re spending a few hundred dollars a month on entertainment, they may expect you to cut that back and pay a portion of that into the proposal).

So, don’t be surprised if your LIT tells you that the creditors will only accept a proposal if the payment is increased to a certain number.

At this point in time, you’re down to a few options. If the creditor ask isn’t too much more than what you have offered, you may agree to their terms and amend your proposal. It the creditors’ ask is quite a bit higher than what you have offered and making the payment that they are looking for creates financial hardship, you can offer a counter offer of something in between what you offered and what they have asked for. Your LIT will handle the negotiation – you won’t be asked to speak with your creditors. If you and your creditors can’t reach a deal that is one you can afford and one that they are willing to accept, you can always make an assignment in bankruptcy or return to dealing with your creditors on your own.

I’m often asked “do you think that the creditors will accept my proposal?” It is always case by case and in most cases, creditors would prefer a consumer proposal as they know that the alternative is bankruptcy. But there are circumstances where the creditor may be willing to cut their loses if they feel that your consumer proposal isn’t fair to them.

You Got Your Deal in Place. Now What?

Once you get through the negotiation stage, it is time to carry out the terms of your consumer proposal. In all cases this will include making payments as outlined in the consumer proposal and attending two credit counselling sessions. Sometimes there will be other non-economic clauses like filing tax returns on time or carrying out some other task.

Of note, under the Bankruptcy and Insolvency Act, you are only allowed to be in payment arrears to the extent of 2 payments. If you fall three full payments behind on your consumer proposal, your consumer proposal becomes deemed annulled. Simply put, your consumer proposal is void and your creditors may resume collection activity against you.

Full Performance

Once you have performed all the terms of your consumer proposal, you will receive a Certificate of Full Performance. This operates the same way as a discharge from bankruptcy. A couple of things to know is that not all debt can be discharged by a consumer proposal and your credit report will show that you filed a consumer proposal for the next three years.

For a list of debts that are not discharge, see section 178 of the BIA.

Talk to an Expert

If you’re looking for more information or would like to book an appointment with our office, you can call us at 519-601-9795 or email us at reception@jcaal.ca.

You can also check us out on our website or fill in a contact form.

The post Things to Know With a Consumer Proposal appeared first on J. Campbell & Associates Ltd..

Things to Know With a Consumer Proposal posted first on https://www.jcampbellandassociates.ca/

[jcampbellandassociates]

Things to Know With a Consumer Proposal

I think that we are at a point where most consumers are aware of consumer proposals and what they try to achieve. A consumer proposal is one of the options that might be available to someone who is insolvent and unable to keep up with their required payments. Here we will talk about things to know about your role in the process, a few of the things to know about the Licensed Insolvency Trustee’s role and things to know about how the creditors might respond in your consumer proposal. Well let’s get started!

Consumer Proposals and Where to Start

Always, always start with contacting a Licensed Insolvency Trustee (LIT). Most, if not all LITs provide free consultations and provide the whole list of options that can help with your debt situation. LITs get their authority from the Bankruptcy and Insolvency Act, which is important when dealing with creditors that are looking to exercise their rights; and are governed by the Office of the Superintendent of Bankruptcy. The fees that a LIT can charge under a consumer proposal are also regulated by the Bankruptcy and Insolvency Act.

What does all that mean?

You will save money when you start with a LIT and you can have confidence in the process, given its regulated nature.

Doing Your Part

It is important to know that since this is your consumer proposal, you have to be an active participant in the process. This is more than just making the lowest possible payment to your creditors.

The Assessment

When you meet with your LIT, it is important to be transparent and honest. The LIT is an officer of the court and has to balance your rights with the rights of all other stakeholders. You will be required to disclose ALL assets, ALL creditors and ALL sources of income and any other relevant information – got it? In some cases, people will hide material information. This creates issues when this information surfaces. The creditors and the LIT will also lose confidence in your intentions. One of the goals of the Bankruptcy and Insolvency Act is to provide an honest but overburdened debtor a fresh start. So be honest!

Creditors Rights

The LIT will generally provide a recommended payment that you should offer under your consumer proposal. This is generally a fixed monthly payment for 60 months. This is only a recommendation and creditors do have rights – I know, hard to believe!

Some creditors don’t invest too much in the way of resources in this process and will accept a consumer proposal that an Administrator (appointed title for a Trustee under a consumer proposal) recommends.

Other creditors will endeavour to maximize their recovery. These creditors will either look for a certain return on the dollar or will pick apart your estimated household expenses (i.e. if you’re spending a few hundred dollars a month on entertainment, they may expect you to cut that back and pay a portion of that into the proposal).

So, don’t be surprised if your LIT tells you that the creditors will only accept a proposal if the payment is increased to a certain number.

At this point in time, you’re down to a few options. If the creditor ask isn’t too much more than what you have offered, you may agree to their terms and amend your proposal. It the creditors’ ask is quite a bit higher than what you have offered and making the payment that they are looking for creates financial hardship, you can offer a counter offer of something in between what you offered and what they have asked for. Your LIT will handle the negotiation – you won’t be asked to speak with your creditors. If you and your creditors can’t reach a deal that is one you can afford and one that they are willing to accept, you can always make an assignment in bankruptcy or return to dealing with your creditors on your own.

I’m often asked “do you think that the creditors will accept my proposal?” It is always case by case and in most cases, creditors would prefer a consumer proposal as they know that the alternative is bankruptcy. But there are circumstances where the creditor may be willing to cut their loses if they feel that your consumer proposal isn’t fair to them.

You Got Your Deal in Place. Now What?

Once you get through the negotiation stage, it is time to carry out the terms of your consumer proposal. In all cases this will include making payments as outlined in the consumer proposal and attending two credit counselling sessions. Sometimes there will be other non-economic clauses like filing tax returns on time or carrying out some other task.

Of note, under the Bankruptcy and Insolvency Act, you are only allowed to be in payment arrears to the extent of 2 payments. If you fall three full payments behind on your consumer proposal, your consumer proposal becomes deemed annulled. Simply put, your consumer proposal is void and your creditors may resume collection activity against you.

Full Performance

Once you have performed all the terms of your consumer proposal, you will receive a Certificate of Full Performance. This operates the same way as a discharge from bankruptcy. A couple of things to know is that not all debt can be discharged by a consumer proposal and your credit report will show that you filed a consumer proposal for the next three years.

For a list of debts that are not discharge, see section 178 of the BIA.

Talk to an Expert

If you’re looking for more information or would like to book an appointment with our office, you can call us at 519-601-9795 or email us at reception@jcaal.ca.

You can also check us out on our website or fill in a contact form.

The post Things to Know With a Consumer Proposal appeared first on J. Campbell & Associates Ltd..