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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 testamentary trust be revocable?
No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.
What is the beneficiary in a trust?
the beneficiary in a trust is the person whom benefits from that which is held in trust.
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.
How does being a trustee on a parent's irrevocable trust affect Chapter 7?
It should have any impact unless you are a beneficiary of the trust.
Does a trustee of a discretionary trust have to reveal the amount of the trust fund to a discretionary beneficiary?
A beneficiary of a trust has the right to an accounting as a way to make certain the trust assets are not being wasted or mishandled by the trustee. A trustee does not have the right to operate in secret. A court can order an accounting.
Does the Retirement Equity Act of 1984 revoke prior beneficiary designations of married participants?
YES
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.
Is there a specific document to revoke a trust and if so does it need to be recorded or witnessed or notorized?
You need to check with the state laws that govern the trust. In Missouri, you should have a document that clearly references the original trust, points to the grantor's power to revoke within the document, and clearly indicate your desire to revoke it. It should also be notarized, but there would be no need to record it or have witnesses. Be sure not to revoke a valid trust that holds assets until the assets are transferred out of the trust.
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.
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.
