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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.
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.
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.
A revocable trust can be changed or modified prior to the Settlor's (a settlor is the person who opened the trust, in this case your aunt) death. Only the Settlor can change or terminate the trust, and after the death, the trust cannot be changed. If the trust was made with a spouse who has passed away, it may not be possible for the trust to be changed.
It depends upon how the trust is written. Generally, yes.
Revocable trust includes many advantages. Revocable Trust's main advantage is the agreement provides flexibility and income to the living grantor.
Trust law is one of the most complex areas of law. It depends on the instrument that creates the trust. You need to discuss this question with an attorney who specializes in trust law. Generally a trust set forth in a will is revocable by the testator during her life and irrevocable after her death.
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.
Yes, if that power was granted in the trust instrument.
no
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.
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.