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Can a beneficiary be added to an irrevocable trust?
No. In order to protect the trust property from claims the beneficiary should not be their own trustee. That type of scheme makes the trust vulnerable to creditors and also makes a trust invalid in most jurisdictions.
What is the beneficiary in a trust?
the beneficiary in a trust is the person whom benefits from that which is held in trust.
What happens when the beneficiary becomes mentally ill in a will at the time of death of the testator?
The mental status of the beneficiary has no bearing on distribution. If they have been declared mentally incompetent, the inheritance will be added to the trust for the beneficiary.
Can there be a trustee and beneficiary to an irrevocable trust?
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.
Can a future beneficiary borrow against his assets in trust?
If the trust is a spendthrift trust, then no, the beneficiary probably cannot borrow against it. It is up to the lender.
Does a land trust protect the beneficiary from law suits?
Yes. A properly drafted trust shields the beneficiary from being personally liable for lawsuits involving the trust property.Yes. A properly drafted trust shields the beneficiary from being personally liable for lawsuits involving the trust property.Yes. A properly drafted trust shields the beneficiary from being personally liable for lawsuits involving the trust property.Yes. A properly drafted trust shields the beneficiary from being personally liable for lawsuits involving the trust property.
Can a creditor claim assets held for a beneficiary in trust in case of bankruptcy of the beneficiary?
Not if the trust was properly drafted by a professional.
Is water added to plaster of Paris reversible or irreversible?
it is an irreversible change
Can a beneficiary of a trust be bought out and if so does a buy out agreement need to be recorded?
You need to review the provisions of the trust to determine if the trust allows a "beneficiary buy-out".
Who pay the trustee?
its a trust or a beneficiary.
Is an irrevocable trust terminated if beneficiary dies before the trustor?
You need to review the terms of the trust to determine how it must be managed. A well drafted trust will include a provision for an alternate beneficiary if the primary beneficiary dies or it will include a provision for the termination of the trust and distribution of any remaining trust property.
Does your husband have to be your beneficiary on life insurance?
No. You can have anyone you want be the beneficiary. A trust, church, or any person you choose can be your beneficiary.
