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A revocable trust is revocable by its maker.
A residual estate is the property left in an estate after specific bequests have been made. The residual estate may be transferred to a trust and that would be a testamentary trust. The maker of a testamentary trust is deceased and cannot revoke that trust. If this doesn't answer your question you must add more details on the discussion page.
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What has the author Turner George M written?
Turner George M. has written: 'Revocable trusts' -- subject(s): Revocable trusts, Estate planning
Are living trusts revocable?
Yes, revocable living trusts have become a viable alternative to the traditional wills in many States . These trusts are favored because they allow you to have more control over your estate when you live and after your death.
where do I look to find out more about revocable trusts?
You can find more information about revocable trusts online through sites like www.legalzoom.com. You should, though, consult a trusts and estates attorney for the most up to date rules and regulations regarding trusts.
Where can I get information on revocable trusts?
Revocable trusts are able to be traced and any accountant should be able to follow a simple paper trail. As long as bank account information is stored accurately, the revocable trust should be able to be tracked down.
Are revocable trusts a matter of public record?
Typically, revocable trusts are not a matter of public record. They are private documents that do not need to be filed with a court or made publicly available.
Can a Revocable Trust be a guarantor?
Generally, lenders do not favor trusts as guarantors.
Where is the form for the irrevocable trust Is the living trust the same as an irrevocable trust?
The biggest difference between the trusts is that the Living Trust is revocable and can be changed over time. For detailed information visit: http://www.ultratrust.com/revocable-trusts-vs-irrevocable-trusts.html
Are trusts a matter of public record?
Revocable and irrevocable trusts become a public record only if they have been recorded in the land records because they hold title to real property.
Can a revocable trust be sued?
Yes, a revocable trust can be sued if it holds assets that are subject to legal claims. Creditors or claimants may be able to pursue assets within the trust to satisfy debts or liabilities. However, revocable trusts can offer certain protections and may help safeguard assets from potential lawsuits.
Where can I find information on revocable trusts in lay language?
As http://www.investopedia.com/articles/pf/06/revocablelivingtrust.asp explains, a revocable trust is an important financial decision. More information the process, in relatively simple terms, is available at the above link.
Are children responsible for credit card balances of a deceased parent in Massachusetts There is a living trust. No mortgage.?
The Uniform Trust Code contains provisions relating to liability of a revocable trust for payment of the grantor's debts. The definition of revocable clarifies that revocable trusts include only trusts whose revocation is substantially within the grantor's control. The trust remains revocable until the grantor's death. Upon the death of the grantor the trust becomes irrevocable and not responsible for the payment of the grantor's debts. Any assets of the estate are not protected from debts, as the now irrevocable trust's are, and must be used to pay debts until the estate, not the trust, becomes insolvent.
How do you abbreviate the word revocable?
revocable
