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Assuming that a Trust Maker has died when can a Successor Trustee close or dissolve a living trust?
A well-drafted trust instrument should contain language that directs the manner by which a successor trustee can be appointed and how the trust will be terminated. Those directions must be followed. If the trust document is not clear then a court must make a determination especially if the trust holds title to real estate. You should seek the advice of an attorney who is experienced in trust law.
What else can I help you with?
Can the surviving spouse dissolve a revocable living trust for the purpose of disinheriting a beneficiary?
Typically, a surviving spouse cannot unilaterally dissolve a revocable living trust for the purpose of disinheriting a beneficiary if the trust was set up by both spouses. However, they may be able to amend the trust if it allows for changes to beneficiaries. It is important to consult with an attorney for specific legal advice in this situation.
Can you show me some examples of using the word 'mantle' in a sentence?
She gracefully draped her mantle over her shoulders as she entered the room. The responsibility of leading the team fell on his mantle after the manager resigned. The ancient king passed down his royal mantle to his successor during the coronation ceremony.
What is a example of using living as a sentence?
This is my living room. I am living here. This isn't easy living. I'm barely making a living!
What is the verb form of living?
Living is the present participle of live.
What is the meaning of living la vida?
"Living la vida" translates to "living the life" in Spanish. It refers to enjoying life to the fullest, often associated with living a carefree and adventurous lifestyle.
Is living out of town a valid reason for the successor trustee to have the second successor trustee to act in their place?
It depends on the provisions of the trust. If the trust provides that the trustee in office can delegate their authority the procedure for doing so must be followed. A second "successor trustee" doesn't take office until the first successor trustee can no longer act. While the first successor trustee is in office the second named successor has no power. You need to review the trust with an attorney in order to understand its terms and the powers of the trustee.
Is there such a thing as a contingent trustee in a living revocable trust?
Yes. A trust document should contain a provision for a successor or alternate trustee in case the original trustee dies or cannot continue as trustee. The trust document can name the successor trustee of simply set up a process by which one can be appointed if necessary. Trusts should always be drafted by an attorney who specializes in trust law. Invalid trusts can cause problems that are costly to correct.Yes. A trust document should contain a provision for a successor or alternate trustee in case the original trustee dies or cannot continue as trustee. The trust document can name the successor trustee of simply set up a process by which one can be appointed if necessary. Trusts should always be drafted by an attorney who specializes in trust law. Invalid trusts can cause problems that are costly to correct.Yes. A trust document should contain a provision for a successor or alternate trustee in case the original trustee dies or cannot continue as trustee. The trust document can name the successor trustee of simply set up a process by which one can be appointed if necessary. Trusts should always be drafted by an attorney who specializes in trust law. Invalid trusts can cause problems that are costly to correct.Yes. A trust document should contain a provision for a successor or alternate trustee in case the original trustee dies or cannot continue as trustee. The trust document can name the successor trustee of simply set up a process by which one can be appointed if necessary. Trusts should always be drafted by an attorney who specializes in trust law. Invalid trusts can cause problems that are costly to correct.
Can you place a lien on a living trust once the trustee dies?
If you have legal grounds, bring an action in the appropriate court and obtain a judgment in your favor you can have the judgment lien recorded in the land records and served on the successor trustee.
What should i do about a living trust that both the original trustee and the alternate trustee have declined to manage due to hostility between siblings?
A successor trustee must be appointed and the present trustees must be removed. There should be provisions in the trust document that direct how trustees will be appointed and removed. Hopefully, the trustor can appoint a new trustee who is a non-interested party.
What is reasonable compensation for successor trustee in a living trust NJ?
In New Jersey, reasonable compensation for a successor trustee of a living trust typically ranges from 1% to 3% of the trust's total assets, depending on the complexity of the trust and the duties performed. If the trustee is a professional, such as an attorney or financial institution, their fees may also reflect standard hourly rates or specific fee schedules. It's essential for the trustee to document their hours and services to justify the compensation, and trust documents may specify the fee structure. Ultimately, the reasonableness of the compensation can be subject to review by beneficiaries or the court if disputes arise.
How can a trustee in a will be changed?
A trust set forth in a Last Will is called a testamentary trust. While the testator is living they can change the trustee in their testamentary trust simply by executing a codicil and attaching it to the Will. However, once the testator has died, only the court can appoint a new trustee if a new trustee becomes necessary and a successor was not named in the Will.
If your daughter is listed as the owner of property in your right to life living trust does she have the authority to decide who will rent the land or do you?
If you created and funded the trust & If your daughter is your 'successor trustee' she normally can not overrule you unless you become incapacitated.
Is there anything I can do to stop a successor trustee in a living trust, who has not acted responsibly or impartially between beneficiaries, other than the long wait of a hearing to remove a trustee from distrubuting assets in less than 60 days from dea?
Generations Probatecan answer your question 5301 Madison Avenue, Sacramento, CA- (916) 679-5550
How can you find information on a persons living trust?
If the person is deceased, you can contact the trustee if you know who the trustee is.
Does a living trust require an attorney as trustee?
No.
How do you take a co trustees name off the house title?
The co-trustee is not on title, the trust is. Think of the name of the trust as the name of a company. For example: The Tom and Martha Living Trust is the name of the entity (company) which technically owns the house. Tom and Martha as individuals are NOT vested owners in the house. They do have a Trust Agreement that shows they are the ones who control the Trust (trustees) and therefore can act as agents of that Trust (like a CEO of a company). If you need the co-trustee removed, you must dissolve or modify the trust agreement removing the co-trustee. Then they must sign with you on a Grant Deed that deeds the home from one Trust to another. In our example, Tom would dissolve or modify the Tom and Martha Living Trust into the Tom Living Trust. Then he and Martha would sign a Grant Deed which took the house from the Tom and Martha Living Trust and gave it to the Tom Living Trust. If the co-trustee is deceased, the vesting of the home need not be changed. The Trust agreement should contain language that leaves control of the trust with the surviving trustee.
Can a co trustee buy quit claim property from trust and transfer into own personal trust?
First, a trustee is the trustee of a TRUST. The house may be trust property. The powers of a trustee are set forth in the trust document. If the house is owned by the trust and the trustee has the power to sell real estate then yes, a trustee can convey the house.
