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To be valid a trust must be in writing and meet certain statutory requirements. A trust that holds title to real estate generally must conform to the requirements of the laws of the state where the land is located regardless of where the trust originated. That means that if you live in California and draft a California trust that will hold title to land in Massachusetts, the trust must conform to Massachusetts law. A "constructive trust" can be imposed by a court to prevent unjust enrichment or to redress a wrong.
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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.
Can an heir who is the trustee of his sister's special needs trust sue her trust to get money for another sibling who was written out of the will?
It would depend on the terms of the trust and the laws of the specific jurisdiction. Generally, the trustee has a legal duty to follow the terms of the trust and act in the best interest of the beneficiary. It may be challenging for the trustee to sue the trust to distribute funds to a sibling who was not named as a beneficiary.
How can you desolve an irrevocable trust.?
To dissolve an irrevocable trust, you typically need the consent of all beneficiaries and the trustee, as well as court approval in some cases. Additional requirements may vary depending on the specific terms of the trust and applicable state laws. It is advisable to seek the guidance of an attorney specializing in trusts and estates to navigate the process successfully.
Who has custody of the irrevocable trust?
The assets in an irrevocable trust are legally owned by the trust itself, not by any individual. The trustee is responsible for managing the trust assets for the benefit of the trust beneficiaries as outlined in the trust agreement.
Are the debts of a trust payable out of the trust estate?
Yes, typically the debts of a trust are payable out of the trust estate. Creditors of the trust have the right to seek payment from the assets held within the trust before distribution to the beneficiaries.
Do the beneficiaries of a trust have a say as to what happens in the trust?
That will depend on how the trust is written. In most cases the beneficiaries have no say in how the trust is distributed.
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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.
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