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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.
Is a trust a juristic person?
No, a trust is not a juristic person. Only in matters of taxation and insolvency can they be sued or otherwise litigated. In ALL other matter the trustees are personally responsible for juristic acts, debts etc.
If you have a living trust and a umbrella insurance policy can the trust be sued.?
If you have a living trusts and an umbrella insurance policy can the trust be sued in an auto accident.
Are the debts of a trust payable out of the trust estate?
Yes, typically the debts of a trust are payable out of the trust estate. Creditors of the trust have the right to seek payment from the assets held within the trust before distribution to the beneficiaries.
Can You Be Sued for Credit Card Debts?
Absolutely yes. It happens to someone everyday.
If there are no funds in a trust just property how are the debts paid?
If there are no funds with which to pay the debts of the trust then the property must be sold in order to pay them.
As a guarantor of a corporation can you be sued for the debts that they did not satisfy?
Of course. That's why a person becomes a guarantor -- to satisfy the corporation's debts if the corporation is unable to do so.
The whole estate is in trust for the daughter of the deceased who is responsible for the credit card debts?
If the will provides that the estate shall be held in trust for a daughter that is called a testamentary trust. By law, the debts of the decedent will be paid first out of the assets of the estate. After the debts have been paid any remaining assets will then be transferred to the trust for the benefit of the daughter.
Can you file chapter 7 before your court date if you are being sued for an old debt?
Yes, but you have to file listing ALL your debts, not just the one you are being sued for.
Can irrevocable trust be sued?
You can sue an irrevocable trust in any court as long as the claim is against the trust itself and not the individuals involved in the trust. A trust is considered a legal entity and property owned by it is subject to the trust's debts. The fact that it is a trust as opposed to a person or company makes no difference.
Is the trustee of an irrevocable trust personally liable for the debts of the trust?
No. A trustee is only liable in her capacity as a trustee and only the trust assets are exposed to its debts. Of course, that protection exists providing the trust is valid. If someone sets up a trust in order to incur debts they will not be personally responsible for paying, a creditor may be able to recover by a court action. Also, a trustee is personally liable for any mishandling of the funds of the trust.
If there is a living trust upon death is the trust responsible for paying all the credit card debt?
No. Not unless the payment of debts was made a provision of the trust. Otherwise a decedent's estate is responsible for paying debts before any distribution can be made.
