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No. A living will is a document, that a person executes while in good health, that specifies what decisions should be made about his or her medical treatment in the event of their becoming incapable of making decisions or communicating them on their own behalf. The living will names a person to carry out the directives.
A trust is a legal relationship whereby an individual (the trustor) or group of individuals transfers title to their property to a trustee. The purpose is to protect the property from creditors, relatives, any claims or liens made against the individuals, to remove property from an individual's estate, to control how the property will be distributed at death, to minimize taxes, to protect assets from a spendthrift child or beneficiary, etc. The trustee must manage the trust property, pay over the profits from and protect the property according to the terms set forth in the trust instrument.
There are many types of trusts and trust law is complicated. A trust instrument should always be drafted by a professional in order to meet the needs of the trustor and meet the requirements of federal and state laws.
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Does a Grant deed override a Living Trust in California?
In the state of California, a Living Trust will override a grant deed. You should speak to a lawyer to draw one up.
Can a living trust's division of real estate override a lonely recorded divorce decree of half equity upon sale or transfer of title?
No.
Can family override living wills?
Yes
Living Trust Revocation?
Get StartedThe Living Trust Revocation is a document used to revoke a living trust or joint living trust. The Revocation can be used to either dismantle the entire plan of using a revocable living trust or to revoke the "old" living trust in preparation for preparing and signing a "new" living trust. However, if a new living trust will be created, and if it will have the same number of grantors as the revoked living trust, consider amending and restating the existing living trust instead of revoking it. If the living trust is merely restated and not revoked/replaced, the assets already transferred to the living trust will remain in the living trust, avoiding the need to transfer each of them. (See this program's Living Trust or Joint Living Trust documents and select the option to "Amend" the Trust.)
What is the definition of a living trust?
A living trust is simply a trust created by a living person. It is also known as an "inter vivos trust". That's Latin meaning a trust between living persons. Conversely, a trust created by someone in a will is called a testamentary trust.
What is the living trust all about?
A living trust is very similar to a living will. The living trust is created by the individual and outlines the wishes of that individual in regards to their assets.
If a mentally unstable child is to inherit a trust at age 18 can a parent override the age when trust is paid?
The person(s) who established the trust would have to amend the trust. Some trusts cannot be amended.
What is a definition of a trust?
A living trust is simply a trust created by a living person. It is also known as an "inter vivos trust". That's Latin meaning a trust between living persons. Conversely, a trust created by someone in a will is called a testamentary trust.
Will a will override a trust?
A person's will is intended to direct the distribution of their property after their death. Sometimes a person's assets change during life. If a person transferred property to a trust during his life that property would not become part of his estate unless some provision in the trust directed that the property should pass to the estate. Therefore a trust would "override a will" if the property mentioned in the will had already been transferred to a trust during the life of the testator.
Does a trust override a will?
Yes, a trust can override a will if assets are placed into the trust and controlled by the terms of the trust document rather than the instructions in the will. The assets in a trust typically do not go through probate like those in a will.
Do I need a living trust?
If you are already writing a living will so you don't have to worry about your estate in the future it is a good idea to write a living trust as well. For more information about living trust http://www.legalzoom.com/living-trusts/living-trusts-overview.html and scroll down to where it talks about living trust.
What is the living michigan trust?
A living trust is similar to a living will. This is a common way of protecting assest from creditors.
