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Does a spouse need to sign a deed of trust even though the property is not titled in their name?
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.
What else can I help you with?
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.
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?
Generally, no. A properly drafted trust removes the property from the decedent's estate and the property passes according to the terms of the trust. That is the primary reason for transferring property to a trust. Trust law is one of the most complex areas of law. The surviving spouse should consult an attorney who specializes in trust and probate law who can review the situation and explain the options. However, actions to break a properly drafted trust can be extremely costly and rarely succeed.
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.
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.
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.
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.
Can one spouse make a trust deciding what to do with property jointly owned if he dies first?
In general, one spouse cannot unilaterally create a trust that dictates the disposition of jointly owned property upon their death, as both spouses typically have equal rights to the property. The joint ownership often means that the surviving spouse automatically inherits the property, depending on local laws. However, a spouse can create a trust for their individual assets and specify how those assets should be managed or distributed upon their death. It's advisable for couples to discuss their estate planning together to ensure their wishes are clearly reflected in legal documents.
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 properties cannot be claimed for the marital deduction?
The marital deduction cannot be claimed for certain properties, such as properties held in a non-marital trust or those owned by only one spouse but not subject to community property laws. Additionally, property transferred to a spouse in a non-qualified terminable interest property (QTIP) trust may not qualify for the deduction if it doesn't meet specific requirements. Moreover, any property given to a non-citizen spouse may also be subject to limitations under the marital deduction rules.
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.
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.
