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Is it possible to arrange an irrevocable trust with the same person as grantor trustee and beneficiary?
You cannot have the same person as grantor, trustee and beneficiary in any trust. There is no trust created in such a set up. The grantor in an irrevocable trust cannot be the trustee. The property in an irrevocable trust must be permanently separated from the grantor's control.
Who is the Grantor in a testamentary trust?
The grantor is the person who declares the trust and then transfers property to the trustee. In a testamentary trust the decedent is the grantor. That person can also be called the testator.
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.
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.
If the grantor and the trustee are the same person in an irrevocable trust can they revoke any or part of that trust from the beneficuary?
In short no, an Irrevocable Trust cant be legally revoked by either party.
What is the grantor of a trust?
The grantor of a trust is the owner of property who transfers that property to the trustee of the trust. The grantor no longer owns the property. Once transferred the property is owned by the trust and the trustee has the authority to manage the property according to the provisions of the trust.
What is an irrivocable trust?
Revocable TrustsA revocable trust is one where usually, grantor/trustee/beneficiary are the same person. It can be revoked or amended any time until the person's death.Upon death the trust property bypasses probate and assets are distributed to the heirs.ClarificationA trust is a right to hold property for the benefit of another. A trustor (grantor, settlor) creates the trust, places the trust property (land, money, stocks, etc.) in the trust and names both the trustee who will hold power over the trust property and the beneficiaries. A revocable trust can be amended or revoked by the trustor at any time during her life. Be careful with that first statement in the first answer. It is not the definition of a revocable trust. In fact, it is a common trust error. In many states where the grantor, trustee and beneficiary are the same person there is no trust created and the property remains in the grantor's estate. That error can cause serious consequences down the road.
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.
Can there be a trustee and beneficiary to an irrevocable trust?
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.
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".
Can the same person be both the beneficiary and the trustee of a blind trust?
No. The trustee has full control over the assets in the trust. In a 'blind trust' the trustee must be completely independent. If the beneficiary is the trustee then the trustee is not completely independent.
Can a grantor who is also the trustee break an irrevocable trust?
Warning! An irrevocable trust is not created when the grantor (trustor) is also the trustee. By transferring their property to a trust of which they are the trustee the grantor has retained control over the property. Irrevocable trusts are usually set up for tax purposes. The grantor cannot retain any control over the property in order for the trust to qualify as an irrevocable trust. The trust you describe has failed and left the trust property exposed to creditors and taxes. You need to consult with an attorney who specializes in trust law and tax law.
