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Can you set up an irrevocable trust to Wife with assets to be transferred upon death of Husband?
Wiki User
∙ 9y ago
Yes. Trusts should always be drafted by an attorney who specializes in trust law in your jurisdiction so that the trust will meet your personal needs and your questions can be answered by someone who is familiar with your trust.
Wiki User
∙ 9y ago
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If Dad had no assets Do you need probate?
Not if there are no assets at all. A will is simply a document that transfers a persons property to other persons after death. If there are no assets to be transferred, then there is nothing for the will to do.
What is the benefit of placing term life insurance in a irrevocable trust?
The grantors of an irrevocable trust can take out life insurance on themselves and put it (term or whole life insurance) in the trust in order to pay the estate taxes on their estate assets when they die. This allows the grantor (giver of assets) to leave his estate assets to his children or someone else (beneficiaries) without them having to pay estate tax, or death tax as some call it.
Can a spouse change a will after her husband dies?
No, a spouse cannot change the deceased husband's will after he dies. The will becomes irrevocable upon the death of the testator. Any changes would need to go through the probate process.
Who owns funds transferred after death?
Funds cannot be transferred after the death of the individual to whom they belong. All assets and debts must be entered into probate procdure according to the laws of the state where the deceased was a resident. The exception is assets and property that is held as Joint Tenants With Right To Survivorship or as Tenancy By The Entirety when there is a surviving spouse.
How do you dissolve an irrevocable trust upon death of grantor?
An irrevocable trust cannot be dissolved upon the death of the grantor unless there are specific provisions in the trust document allowing for it. Generally, the terms of the trust dictate how the assets are distributed after the grantor's death. In some cases, a court may be able to modify or terminate an irrevocable trust in certain circumstances. Consulting with an attorney experienced in trust and estate law is recommended to explore your options.
Who is responsible for the bank loans after the death of ones husband?
Normally a surviving wife will inherit both the assets and liabilities of her husband, including bank loans. Marriage is an economic partnership.
After death Is a beneficary entitled to see a copy of an irrevocable trust after death?
After death is a beneficary entitled to see a copy of a testamentary trust?
How does biological death differ from clinical death?
Biological death is irreversible, irrevocable death. You can not be resuscitated. Clinical death is when spontaneous respiration and heartbeat cease, it is during this time that the person can be resuscitated.
What does the word irrevocable mean?
Irrevocable Something that is not possible to revoke or retract, cannot be undone Where a will is concerned wills are not irrevocable, a new will always replaces the old one, however if it is a joint will by both spouses the old will upon the death of one of the couple becomes irrevocable.. Essentialy if one dies the other cannot rewrite the will and ignore the wishes of the other.
What do you called a woman who has lost her husband by death?
A woman losing her husband by death is a widow.A husband losing his wife by death is a widower.
Is a wife responible for a credit card debt if her husband dies?
The husbands estate is responsible, but not the wife directly. The amount of the husbands debt will be subtracted from his assets after his death. His wife will usually inherit what is left, unless the husband left other instructions in his will (ie leave everything to charity). If the husband dies and his debt is larger than his assets, then the creditors usually lose the difference. This is all handled through probate court, and a judge can choose who gets what.
Can the heirs to a real estate irrevocable trust be decreased from 5 to 3?
no, only by the grantor or in case of the grantee's death
