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Can a grantor name himself as a trustee of an irrevocable living trust?
Wiki User
∙ 15y ago
Generally no. In an irrevocabe trust the grantor cannot maintain any control over the trust property. Trust law is very complex and trusts are subject to the IRS Code. If not properly drafted a trust can also leave the trust property exposed to creditors. Anyone contemplating the creation of a trust should seek the advice of an attorney who is an expert in estate planning, tax law and trust law.
Wiki User
∙ 15y ago
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Can the grantor sell assets listed in irrevocable living trust?
The grantor has no control over the assets in an irrevocable trust. Those assets are under the control of the trustee.
Who is grantor in a living trust?
The grantor in a living trust is the person who executes or creates the trust and then transfers their property to the trustee. After they transfer the property they no longer own it.
Who is the grantor in a living trust?
The grantor in a living trust is the person who executes or creates the trust and then transfers their property to the trustee. After they transfer the property they no longer own it.
When does a revocable trust become an irrevocable trust?
There are all kinds of trusts and no single answer. Briefly: A revocable trust can be revoked by the maker (grantor or trustor) during their life. Most trusts automatically convert to an irrevocable trust upon the grantor's death when used in place of a will to transfer property to heirs. Testamentary trusts set forth in a Will are irrevocable after the death of the testator. The provisions can be changed during the life of the testator but cannot be changed after the testator has died. A living person can also create an irrevocable trust. What makes a trust irrevocable is that provisions cannot be amended by the grantor and the grantor cannot revoke the trust and regain possession of or control of the trust property. Anyone contemplating a trust should consult with an attorney who specializes in trust law and who has a good reputation. Trust law is one of the most complex areas of law and is entertwined with tax law.
When a revocable living trust becomes irrevocable at death can the sucessor trustees be changed by the current trustee?
Yes, if that power was granted in the trust instrument.
Can a sole trustee which is also the grantor of a revocable living trust assign power of attorney for the execution of trustee powers?
of course because it is by law i think you need to check with a lawyer or sociologist or a social worker.
Are children responsible for credit card balances of a deceased parent in Massachusetts There is a living trust. No mortgage.?
The Uniform Trust Code contains provisions relating to liability of a revocable trust for payment of the grantor's debts. The definition of revocable clarifies that revocable trusts include only trusts whose revocation is substantially within the grantor's control. The trust remains revocable until the grantor's death. Upon the death of the grantor the trust becomes irrevocable and not responsible for the payment of the grantor's debts. Any assets of the estate are not protected from debts, as the now irrevocable trust's are, and must be used to pay debts until the estate, not the trust, becomes insolvent.
How should the owner's name appear on a deed when the property is to be placed into a living trust?
The present owner of the property is the grantor and the trustee of the trust is the grantee. The grantor in the deed should be recited exactly the same as in their acquisition deed when they first acquired the property. The grantee should be recited as, " to Jill Smith as trustee of the Smith Family Trust under a Declaration of Trust dated June 18, 2009".
What is an example of a revocable trust?
The following are some examples of revocable trust; Simple declaration of trust 1, which contains the type of provisions also found in revocable living for a single parent with adult child or children. It is a kind of trust where the grantor is also the only trustee. The second example is Simple Trust agreement 1 where someone other than the grantor is serving as trustee.
When does a power of attorney dissolve?
When the grantor says it is no longer valid. Or when the grantor is no longer living.
does a shcedule A or B need to be filled out in an irrevocable living trust if i am already named trustee in all the other paper work?
Your car can be donated to the National Kidney Foundation in Hawaii. They can be reached at: 1-800-488-CARS
As the surviving spouse of a AB living trust and now the trustee of the remaining family B irrevocable trust am I entitled to a annual fiduciary fee for managing this trust and if so how much?
Yes. The fee depends on local law and custom. For example, in Illinois a trustee can charge a reasonable fee. Some states have schedules.
