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Does a spouse need to sign a deed of trust even though the property is not titled in their name?
Wiki User
∙ 9y ago
Generally, yes since in many jurisdictions a non-title-holding spouse has certain rights in the marital residence. Laws vary in different jurisdictions. You should consult with an attorney in your jurisdiction. In some states a deed of trust, or mortgage, although signed by the sole owner of the property, has been held to be invalid without the consent of the non-owner spouse.
Wiki User
∙ 9y ago
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Does a Qualified terminable interst property trust qualify for a marital deduction?
A QTIP trust (a.k.a. C trust), which is typically created at the death of the first spouse to die, grants the surviving spouse a lifetime right to the income of the trust (at least annually) while transfering the remainder interest to individual(s) of the grantor's choosing. This qualifies for the unlimited marital deduction even though the spouse does not receive outright access to the assets in the trust. Even though this IS a terminable interest (usually disqualifying the marital deduction), the QTIP will qualify for the unlimted marital deduction since the surviving spouse will be required to include, in his/her gross estate, the fair market value, at the surviving spouse's date of death, the assets of the trust. The assets are taxed later in the surviving spouse's gross estate, but they will pass to the beneficiary of the trust, chosen by the first-to-die-spouse, at the surviving spouse's death.
Is a revocable trust made in one marriage valid in a subsequent marriage?
A trust stands apart as an entity holding property and remains valid after a divorce. The trustee of a trust holds title to the trust property for the benefit of the beneficiaries named in the trust document. If a former spouse is named as a beneficiary the trust should be amended if the trustor wishes to make the present spouse a beneficiary instead.
Can an irrevocable trust be broken by the surviving spouse just because the trust states the assets are to be divided between the children and not the surviving spouse?
It's not typically possible for a surviving spouse to break an irrevocable trust unless there are legal grounds, such as fraud or undue influence. The terms of the trust usually determine how the assets are distributed, regardless of the surviving spouse's desires. The surviving spouse may have rights to certain benefits, but these would not usually include breaking the trust.
What happens when someone dies with a house titled to a trust and with a mortgage?
The decedent didn't own the property if it was transferred to a trust. The property is owned by the trust and is managed by the trustee. You need to review the terms of the trust to determine how the property will be handled or distributed. If you still have questions you need to consult with an attorney who can review the trust and explain your options.
What does a surviving spouse have to do to remove the other spouse from a trust?
You cannot be the surviving spouse of a trust. A trust is a legal arrangement set up to hold title to property. Any trust is managed by the provisions set forth in the document that created the trust. You need to review that document. If no one has a copy then you may need to get a court order to make changes.
In California can a spouse revoke a revokable living trust without the other knowing?
No, it is not possible for a spouse to revoke a revocable living trust without the other spouse knowing in California. Both spouses typically have rights and responsibilities in managing community property, including property held in a revocable living trust. Any changes made to the trust would likely require the knowledge and consent of both spouses.
Does spouse get property in a trust?
Whether or not a spouse gets property in a trust depends on how the trust is set up. All sorts of different trusts exist to serve different purposes. If you live in Florida and want to avoid the law that prevents you from disinheriting your adopted child, a trust is the way to go. That way you can leave all your money to your spouse and hope the kid will grow up to the point that he would not spend every cent he is left on cocaine.
When is the property in a Marital deduction Q-tip trust taxed?
Tax is assessed on a QTIP trust upon the death of the second spouse. If the total estate of the second spouse (including the QTIP trust) does not exceed the exemption amount in effect at the time, then no tax will be paid. To the extent that the addition of the QTIP to the second spouse's estate causes tax liability, that liability should be paid by the beneficiaries of the QTIP trust.
What is a Trust Res?
The property owned by a trust is the trust res.The property owned by a trust is the trust res.The property owned by a trust is the trust res.The property owned by a trust is the trust res.
What rights does a second husband have to deceased wife property?
If the property is owned by a valid trust it is not part of the decedent's estate. The purpose of the trust was to protect and preserve the property for the children. The second wife has no rights in the property.
If two children are left property but one child has died leaving a husband and their children behind who gets their share?
It may depend on how the will was written. In most cases the intent is that the grandchildren get the money, though it is typically put in trust with the spouse for their benefit.
Can a mortgage loan be required to be refinanced upon the death of the borrower in a community property state where there is a non-contributing spouse on the deed of trust?
Certainly.
