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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.
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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.
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.
In Florida if your parents are refinancing would your spouse need to sign the mortgage?
Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.Not unless your spouse is on the title to the property. If not and your spouse signs, then your spouse will be fully responsible for paying the mortgage.
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.
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.
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.
When a spouse dies with property that is inherited in Ohio does that property convey to the surviving spouse if there is no will?
yes
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.
A man bought a home prior to marriage then sold it to a trust then purchased another home as joint tenants with his wife. How valid is a will written by a single man after he has married?
Generally, a will written prior to marriage is invalidated by the marriage to the extent set forth by state law. The surviving spouse will be provided a share of the estate under most state laws. If the spouse dies owning real property, the surviving spouse will get a share in that property. In the scenario set forth in the question a man purchased property prior to his marriage and then transferred that first property to a trust before purchasing a second property as joint tenants with his wife. His wife would have no interest in the first property. As long as the trust is valid and the transfer was properly executed, the first property would not be included in the husband's estate if he died.
