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Yes. The trust can name any number of trustees and if there is more than one it must state whether the trustees must all execute any documents together or have the power to sign documents independently.
Wiki User
∙ 13y ago
Wiki User
∙ 12y agoYes. The trust should have a clause that declares whether each can act for the trust on their own or if all must sign every document.
Yes. The trust should have a clause that declares whether each can act for the trust on their own or if all must sign every document.
Yes. The trust should have a clause that declares whether each can act for the trust on their own or if all must sign every document.
Yes. The trust should have a clause that declares whether each can act for the trust on their own or if all must sign every document.
Wiki User
∙ 11y agoThe owner of the property may be able to grant additional life estates as long as they own the property and with the consent of the existing life tenant. You should consult with an attorney. Trying to grant a life estate to a trustee may be difficult. A trustee is an office holder appointed to act for a trust. Trustees are appointed and removed, and trusts are terminated. A life estate is measured by a life in being.
The life estate owners cannot make any changes to the life estate. In most jurisdictions the life estate owner can assign their interest to another person (forfeiting their right to the use of the property) but the life estate would still expire upon the death of the original holder.
The owner of the property may be able to grant additional life estates as long as they own the property and with the consent of the existing life tenant. You should consult with an attorney. Trying to grant a life estate to a trustee may be difficult. A trustee is an office holder appointed to act for a trust. Trustees are appointed and removed, and trusts are terminated. A life estate is measured by a life in being.
The life estate owners cannot make any changes to the life estate. In most jurisdictions the life estate owner can assign their interest to another person (forfeiting their right to the use of the property) but the life estate would still expire upon the death of the original holder.
The owner of the property may be able to grant additional life estates as long as they own the property and with the consent of the existing life tenant. You should consult with an attorney. Trying to grant a life estate to a trustee may be difficult. A trustee is an office holder appointed to act for a trust. Trustees are appointed and removed, and trusts are terminated. A life estate is measured by a life in being.
The life estate owners cannot make any changes to the life estate. In most jurisdictions the life estate owner can assign their interest to another person (forfeiting their right to the use of the property) but the life estate would still expire upon the death of the original holder.
The owner of the property may be able to grant additional life estates as long as they own the property and with the consent of the existing life tenant. You should consult with an attorney. Trying to grant a life estate to a trustee may be difficult. A trustee is an office holder appointed to act for a trust. Trustees are appointed and removed, and trusts are terminated. A life estate is measured by a life in being.
The life estate owners cannot make any changes to the life estate. In most jurisdictions the life estate owner can assign their interest to another person (forfeiting their right to the use of the property) but the life estate would still expire upon the death of the original holder.
Wiki User
∙ 11y agoThe owner of the property may be able to grant additional life estates as long as they own the property and with the consent of the existing life tenant. You should consult with an attorney. Trying to grant a life estate to a trustee may be difficult. A trustee is an office holder appointed to act for a trust. Trustees are appointed and removed, and trusts are terminated. A life estate is measured by a life in being.
The life estate owners cannot make any changes to the life estate. In most jurisdictions the life estate owner can assign their interest to another person (forfeiting their right to the use of the property) but the life estate would still expire upon the death of the original holder.
Wiki User
∙ 9y agoYes. The Trustor, or Grantor who creates the trust can name himself as Trustee over his own trust. He needs to also include a successor Trustee: one who can take over the responsibilities of the trust in the event the Grantor is no longer able, or dies!
Wiki User
∙ 12y agoYes. The trust should have a clause that declares whether each can act for the trust on their own or if all must sign every document.
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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.
Based on New York state law can an irrevocable trust have co trustees or is only one trustee permitted?
There can be two trustees, depends on the wording of the trust.
How does a beneficiary in a irrevocable trust remove a trustee from property?
They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.
Where is the form for the irrevocable trust Is the living trust the same as an irrevocable trust?
The biggest difference between the trusts is that the Living Trust is revocable and can be changed over time. For detailed information visit: http://www.ultratrust.com/revocable-trusts-vs-irrevocable-trusts.html
Is a living trust taxable?
Income of a living trust is taxable to the trustees, if that's what you mean.
Is an irrevocable trust a living trust?
Yes. There are two types of trusts, living (intervivos) and testamentary. The living trust is created by a living person(called the settlor or trustor). The testamentary trust is created by the will of a deceased person. Living trusts are designated as either revocable or irrevocable depending on the authority of the settlor. If the settlor has the power to cancel or revoke the trust, it is a revocable trust. If the settlor has no power to revoke it then it is an irrevocable trust. Since the revocable/irrevocable distinction is determined by what the settlor can do while he or she is alive, the trust had to have been made during the settlor's lifetime. Hence, an irrevocable trust is a living trust. On the other hand a trust that is set forth in a person's will is revocable during the life of the testator simply by a modification of the will through a codicil. Once the testator has died that trust becomes irrevocable.
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.
Are the assets in a living trust protected from lawsuits?
Assets held in a living trust may offer some protection from lawsuits, but it depends on the specific circumstances and the laws in your jurisdiction. Generally, assets in a trust are protected from probate and may be more difficult for creditors to access, but they are not completely shielded from lawsuits or creditors. It's important to consult with a legal professional to understand how a living trust may affect your personal situation.
What is the difference between an irrevocable trust and a living trust?
Provisions of a living trust remain valid as long as you stay alive, but the benefactors of your estate are not bound by these provisions once you have died. An irrevocable trust binds the benefactors of your estate to the trust's provisions.
Can the HOA put a lien on an irrevocable trust property?
It is unlikely that an irrevocable trust gives the property any immunity from liens.AnswerYes. If the property is owned by an irrevocable trust the HOA can place a lien against the property and the trust. The HOA should research the trust so that the present trustees can be mentioned on the lien. Although debts are sometimes difficult to collect from a trust, the property cannot be sold or mortgaged unless the lien is paid.
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.
Do irrevocable trust trustees need to provide notice to beneficiaries when selling real property or dividing trust?
You need to review the provisions of any particular trust in order to find your answer. Each trust is managed according to the provisions chosen by the person who created the trust. Many trustees can only act at the direction of the beneficiaries. You need to look for that language in each trust document.
