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What is a grantor?
A Grantor conveys whatever title the Grantor possesses in real estate to a grantee, the buyer. Grantor = seller.
In regards to finance what does the term irrevocable trust refer to?
In regards to finance the term irrevocable trust refers to trust that can not be changed or ended without permission of the beneficiary. The grantor removes all of his or her rights to both assets and the trust.
Who is the Grantor on a mortgage loan?
The borrower is the grantor, the lender is the grantee.
What is a 2nd beneficiary of life insurance and retirement plans?
A secondary beneficiary is a person who would receive the benefits of a life insurance policy or retirement plan in the event that the insured person dies and the primary beneficiary has also passed away. Then, the secondary beneficiary would receive the benefits.
How can i open a trust account?
Simply go to your bank and tell them you want to open a Trust account. Anyone can do it at any bank. You will need to name a beneficiary, and make sure to tell your beneficiary that the trust exists and at what bank. You can also change your checking or savings account into a trust.
Is it possible to arrange an irrevocable trust with the same person as grantor trustee and beneficiary?
You cannot have the same person as grantor, trustee and beneficiary in any trust. There is no trust created in such a set up. The grantor in an irrevocable trust cannot be the trustee. The property in an irrevocable trust must be permanently separated from the grantor's control.
Grantor conveyed their property to a trust reserving a life estate. If the sole beneficiary dies before the Grantor does the property revert back to the original Grantor?
No. Not unless the trustor made that reverter a provision of the trust.If a grantor transferred their property to a trust and reserved a life estate, the life estate continues even if the beneficiary of the trust dies. There should be a provision in the trust that directs where the property should go in the case of the death of the sole beneficiary. This is a good example of the need for an expert to draft any trust.You need to review the terms of the trust to determine how the trust property will be distributed. If the trust doesn't address this issue then it may need to be addressed by a court.
Can executor who is beneficiary and power of attorney take money for peronsal use before death of grantor?
No. That would be a breach of their fiduciary duty.
Can executor also be a beneficiary from will?
Yes. An executor may also be a beneficiary.
Who is the Grantor in a testamentary trust?
The grantor is the person who declares the trust and then transfers property to the trustee. In a testamentary trust the decedent is the grantor. That person can also be called the testator.
At the conclusion of a GRAT what is the cost basis of the stock for the beneficiary grantors original cost or grantors cost on the date GRAT started or cost on the date of transfer to the beneficiary?
Cost basis is equal to cost basis of original grantor plus any gift tax paid (the same as if the beneficiary had received the stock directly as a gift)
When can a power of attorney be terminated?
At any time the grantor wants to terminate it. It also ends upon the death of the grantor.
What three parties are usually involved in the establishment of trusts?
the trustor, who is the party creating the trust and also maybe known as the settlor, grantor, or donor. Second is the beneficiary for whose benefit the trust is established. Finally, the third party is the trustee, who is responsible for the management
What is a grantor?
A Grantor conveys whatever title the Grantor possesses in real estate to a grantee, the buyer. Grantor = seller.
Is the power of attorney entitled to a percentage of the estate?
A power of attorney has absolutely nothing to do with an estate. All power of attorneys expire on the death of the grantor.
Is your trust fund marital property?
Generally no. A beneficiary's interest in a trust created by someone else would not be marital property. A grantor's interest in a trust that is revocable should be the same character as if the trust did not exist.
Can a will be written by a relative who is the main beneficiary and executor and attorney of record in Oklahoma?
Anybody can write a will. However, only the individual can write a will for their own property. A power of attorney does NOT give the individual the ability to write a will for the grantor.
