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Can assets be siezed if a trustee of an revocable living trust goes bankrupt?
Wiki User
∙ 14y ago
Probably not. The trustee and the Trust are entirely different things.
Wiki User
∙ 14y ago
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Difference between a Revocable Living Trust and Dynasty Trust.?
In both a revocable living trust and dynasty trust, the trust assets are managed by a trustee separate and apart from your personal assets. The primary difference is that a revocable trust can be modified or even revoked by you during your lifetime. Once a dynasty trust is created it cannot be revoked or modified by the settlor of the trust.
Can filing bankruptcy affect a living trust?
Yes. If the trust is not a true trust (i.e., the settlor, trustee and beneficiary are all the same person) or if the trust is revocable, the trustee can pursue the trust assets. If the debtor is the beneficiary of a living trust and can or has gotten a distribution of some of the trust assets, the trustee may be able go after the assets to the same extent the debtor is eligible to receive a distribution. It may be possible to negotiate a settlement of less than the full amount of the assets with the trustee.
After a revocable living trust has been established can additional property be transferred to it?
Yes. If the trust was properly drafted property can be transferred in and out of the trust by the trustee.
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.
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.
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.
Should one place regular savings in revocable trust?
The purpose of a living trust is to avoid probate when you die. This can only occur if your assets are titled in the name of your revocable living trust. Therefore, as a general rule, all of your assets should be retitled in the name of your living trust with two exceptions. Read more at http://sandiegoestateplanningblog.blogspot.com/2010/02/should-one-place-regular-savings-in.html
Do you capitalize the word trust when referring to a revocable living trust in the general sense?
No. You only need to capitalize the word "trust" or "trustees" when you are referring to the specific trust. For example: As referenced in the John Doe Revocable Living Trust. John Doe, as Trustee for the John Doe Revocable Living Trust. However, if you are simply refering to the trust, you do not need to capitalize the word trust. The above-mentioned trust contains limited authority for the trustees.
Certification of Living Trust?
Get StartedThis certification is used by a trustee of a living trust (revocable trust) to provide a banking institution, brokerage firm, transfer agent, or other third party with key information that is needed regarding the trust. Typically when a living trust is established, the title to investment and savings assets will be transferred into the name of the trust. The banking institution or brokerage firm that is asked to transfer the title to the assets will often require that the trustee provide copies of key provisions of the trust. The banking institution or brokerage firm needs this information as proof of the trustee's authority to act on behalf of the trust.The full name of the trust should be provided, including a date, although the party receiving the certification may use an abbreviation in re-titling the assets. For example, the trust name "William S. and Rosemary S. Hightower Revocable Trust, dated January 15, 2002" may appear on a new brokerage account as "Wm. and R. Hightower, U/T 1/15/02."
Who has a copy of a revocable living trust?
Several people should have copies: the trustor, the trustee and the attorney who prepared the trust. If the trust holds real estate it may be recorded in the land records.
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.
