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Can a Declaration of Trust Document be used in lieu of a Last Will and Testament if no Will exists?
Wiki User
∙ 13y ago
An individual could transfer all her property to a trust so that she owns nothing at the time of death. However, property might be missed or property may come into the estate as a result of the death. A person who has a trust should also have a will.
Estate planning is a complicated process that requires expert advice. You should arrange a consultation with an attorney who specializes in estate planning and tax law who can review your situation and explain your options.
Wiki User
∙ 13y ago
No, a Declaration of Trust is a document used to establish a trust to manage assets during one's lifetime or after death, but it does not serve the same purpose as a Last Will and Testament. A Will is a legal document that outlines how a person's assets should be distributed upon their death, appoints guardians for minor children, and names an executor to administer the estate. It is important to have a valid Will in place to ensure your wishes are carried out after you pass away.
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Can the surviving Trustor change the Co-Trustees of the decedent Trustor's trust?
It depends on the terms of the trust document. Some trusts allow surviving trustors to change co-trustees, while others may restrict this ability or require certain procedures to be followed. It is best to consult with an attorney to review the specific language of the trust and determine the surviving trustor's rights in this situation.
What kind of document do you execute to say a trust is revoked?
To revoke a trust, you would typically execute a document called a "Revocation of Trust" or "Trust Revocation Agreement." This document formally states your intention to revoke the trust and should be signed in accordance with the trust's requirements and relevant state laws. It is important to follow the specific procedures outlined in the trust document and seek legal advice to ensure the revocation is conducted correctly.
Does the person overseeing a trust need to tell a minor that a trust exists for them?
In most cases, the person overseeing a trust does not need to inform a minor beneficiary about the trust until they reach the age specified in the trust document to receive the funds. However, laws may vary by jurisdiction, so it's advisable to consult with a legal professional for guidance.
What is needed to prepare a living trust?
To prepare a living trust, you will need to gather information on your assets and decide who will be the beneficiaries and trustees. You will also need to draft a trust document that outlines the terms and conditions of the trust. Finally, the trust document must be signed and notarized to make it legally binding.
Can a trustee refuse to give disbursements to a beneficiary under a living person's trust?
A trustee must follow the terms of the trust as outlined in the legal document. If the trust document allows for discretion regarding disbursements, a trustee may have the authority to refuse to make a disbursement to a beneficiary. However, the trustee must act in good faith and in the best interests of the beneficiaries.
What is a Last will and testament with living trust?
A Last Will and Testament is a written document that sets forth a testator's instructions on how their property will be distributed upon their death. A trust set forth in a will is called a Testamentary Trust.A Living Trust is a trust created by a person while they are living.
What documents are necessary for a trust with limited assets?
The only document needed to set up a trust is the trust document, or, the Declaration of Trust. The trustee and all business carried on by the trustee must rely on the provisions in that trust document. It should always be drafted by an attorney who specializes in trust law in your jurisdiction since the trustee can only exercise the powers set forth in the trust document. An invalid trust can create problems that are costly to correct and must be addressed by a judge in a court of equity.
What is the timing of a trust disbursement after death?
Every trust is unique to the document that created that trust. You need to review the trust document for your answer.Every trust is unique to the document that created that trust. You need to review the trust document for your answer.Every trust is unique to the document that created that trust. You need to review the trust document for your answer.Every trust is unique to the document that created that trust. You need to review the trust document for your answer.
Can a trust exist where there is no trust deed?
A court can impose a trust on equitable grounds against someone who obtained property through wrongdoing. The wrongdoer is reduced to a trustee and the title is restored in the rightful owner. This is called a constructive trust. Generally, a trust exists by virtue of a document that sets forth the provisions of the trust, names the trustee(s) and adheres to the state requirements for a valid trust. That document is commonly called a Declaration of Trust. A trust exists independently whether it owns property or not. Any property that is to be held in trust by the trustee must be transferred to the trust. If that property is real estate, the owner must execute a deed that transfers title to the trustee of the trust. By doing so the owner is giving up ownership. If there is no deed to the trustee then the real estate is not part of the trust property. The deed to the trustee is referred to as a trust deed or deed of trust. When the property is transferred out of the trust by the trustee that deed is called a trustee's deed. In some jurisdictions a trust deed or deed of trust is the term used to describe a mortgage.
Can the surviving Trustor change the Co-Trustees of the decedent Trustor's trust?
It depends on the terms of the trust document. Some trusts allow surviving trustors to change co-trustees, while others may restrict this ability or require certain procedures to be followed. It is best to consult with an attorney to review the specific language of the trust and determine the surviving trustor's rights in this situation.
Is the surviving spouse of a trusts beneficiary entitled to his share of real propert?
You must review the trust document for your answer. A trust is managed according to the provisions in the document that created the particular trust.You must review the trust document for your answer. A trust is managed according to the provisions in the document that created the particular trust.You must review the trust document for your answer. A trust is managed according to the provisions in the document that created the particular trust.You must review the trust document for your answer. A trust is managed according to the provisions in the document that created the particular trust.
What if a deed names a trust and another individual how is the property administered at trustor's death?
According to the provisions in the trust document. You must review it.According to the provisions in the trust document. You must review it.According to the provisions in the trust document. You must review it.According to the provisions in the trust document. You must review it.
Which document will stand in court A photocopy of a trust or an original?
Which document will stand in court: A photocopy or a trust or an original?
If a house was transferred to a living trust can it be sold?
You need to check the document that created the trust to find your answer. All the provisions of a trust and the powers of the trustee are set forth in that trust document. It creates a self governing entity. The trustee can only perform the functions set forth in the declaration. If the trustee has the power to sell real estate the trustee can execute a deed that conveys the property to a new owner. If there is no power in the trustee to transfer real estate explicitly recited in the trust document, then you will need to petition a court to issue a license to sell the real estate or reform the trust to include a power of sale.
The trust beneficiaries signed a modification to drop the bank as trustee and appoint a family member as the sole trustee. Can the trustee withdraw money from the trust at any time?
You must review the document that created the trust. Every trust is managed under the provisions set forth in the trust document and that includes the powers of the trustee. You should ask for a copy of the trust and read the provisions.You must review the document that created the trust. Every trust is managed under the provisions set forth in the trust document and that includes the powers of the trustee. You should ask for a copy of the trust and read the provisions.You must review the document that created the trust. Every trust is managed under the provisions set forth in the trust document and that includes the powers of the trustee. You should ask for a copy of the trust and read the provisions.You must review the document that created the trust. Every trust is managed under the provisions set forth in the trust document and that includes the powers of the trustee. You should ask for a copy of the trust and read the provisions.
How does a beneficiary in a irrevocable trust remove a trustee from property?
They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.
Can your grandmothers living trust will be changed?
Your grandmother needs to review the trust document to see if she reserved the right to make amendments to the trust. The trust document provides all the powers that can be exercised regarding the trust.
