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Can changes be made to beneficiaries in a revocable trust that was originally prepared by an attorney?
Yes, changes can typically be made to beneficiaries in a revocable trust that was prepared by an attorney. You would need to work with the attorney who drafted the trust to amend the document and update the beneficiaries accordingly.
Difference between a Revocable Living Trust and Dynasty Trust.?
A Revocable Living Trust allows the grantor to maintain control and make changes during their lifetime, while a Dynasty Trust is irrevocable and passes wealth to multiple generations. A Revocable Living Trust avoids probate but does not provide asset protection, unlike a Dynasty Trust which can protect assets from creditors and estate taxes for multiple generations.
can a revocable trust be terminated before it's expiration date and devided however the trustee wants or does it have to be divided equally shares?
A revocable trust can typically be terminated before its expiration date, with the assets distributed according to the provisions outlined in the trust agreement or at the discretion of the trustee. The trustee may have the flexibility to distribute the assets as they see fit, depending on the terms specified in the trust document.
Where can I search to learn about revocable trust?
You can search online resources such as legal websites, government websites, or financial planning sites to learn more about revocable trust. Additionally, consulting with a qualified estate planning attorney or financial advisor would be beneficial to get personalized guidance on setting up a revocable trust.
Can a revocable trust be sued?
Yes, a revocable trust can be sued if it holds assets that are subject to legal claims. Creditors or claimants may be able to pursue assets within the trust to satisfy debts or liabilities. However, revocable trusts can offer certain protections and may help safeguard assets from potential lawsuits.
Why would one work with a revocable trust?
Revocable trust includes many advantages. Revocable Trust's main advantage is the agreement provides flexibility and income to the living grantor.
Can revocable trust have POA?
no
Can changes be made to beneficiaries in a revocable trust that was originally prepared by an attorney?
Yes, changes can typically be made to beneficiaries in a revocable trust that was prepared by an attorney. You would need to work with the attorney who drafted the trust to amend the document and update the beneficiaries accordingly.
Is a residuary trust revocable or non revocable?
A residuary trust is set forth in a Will and is non-revocable after the death of the testator. It can be amended or revoked while the testator is still living.
can a revocable trust be terminated before it's expiration date and devided however the trustee wants or does it have to be divided equally shares?
A revocable trust can typically be terminated before its expiration date, with the assets distributed according to the provisions outlined in the trust agreement or at the discretion of the trustee. The trustee may have the flexibility to distribute the assets as they see fit, depending on the terms specified in the trust document.
Can the surviving spouse dissolve a revocable living trust for the purpose of disinheriting a beneficiary?
Typically, a surviving spouse cannot unilaterally dissolve a revocable living trust for the purpose of disinheriting a beneficiary if the trust was set up by both spouses. However, they may be able to amend the trust if it allows for changes to beneficiaries. It is important to consult with an attorney for specific legal advice in this situation.
Difference between a Revocable Living Trust and Dynasty Trust.?
A Revocable Living Trust allows the grantor to maintain control and make changes during their lifetime, while a Dynasty Trust is irrevocable and passes wealth to multiple generations. A Revocable Living Trust avoids probate but does not provide asset protection, unlike a Dynasty Trust which can protect assets from creditors and estate taxes for multiple generations.
How do you find out who the executor is of a revocable trust is?
A revocable trust has a trustee not an executor. If you want to know something about the trust you would need to ask the trustor. The trustor is the person who created the trust to hold title to their property.
What does the Revocable Living Trust provide?
A revocable living trust is very similar to a living will. The owner of money or property can determine what happens to their estate after their death.
Where can I search to learn about revocable trust?
You can search online resources such as legal websites, government websites, or financial planning sites to learn more about revocable trust. Additionally, consulting with a qualified estate planning attorney or financial advisor would be beneficial to get personalized guidance on setting up a revocable trust.
How do you change the conditions of a trust?
To change the conditions of a trust, you would typically need to amend the trust document by following the specific procedures outlined in the trust agreement or state law. This may involve drafting a trust amendment document, getting it signed by the grantor and trustees, and possibly notarizing it. It is advisable to consult with a legal professional to ensure the changes are done properly.
Are residual trusts revocable?
A revocable trust is revocable by its maker. A residual estate is the property left in an estate after specific bequests have been made. The residual estate may be transferred to a trust and that would be a testamentary trust. The maker of a testamentary trust is deceased and cannot revoke that trust. If this doesn't answer your question you must add more details on the discussion page.
