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No. The property is owned by the trust and managed for the trust by the trustee.
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Is a settlor of the trust the same as a grantor?
Yes. Several terms are used to describe the person who transfers their property to a trust: trustor, settlor, grantor.
In law a person who finalises the transaction of as property to the beneficiary on express trust?
settlor
Is there a settlor in an irrevocable trust?
if a settlor of an irrevocable trust feels that he was not properly informed by his attorney of all the restrictions what can he do
Can you modify a revocable trust?
A revocable trust can be changed or modified prior to the Settlor's (a settlor is the person who opened the trust, in this case your aunt) death. Only the Settlor can change or terminate the trust, and after the death, the trust cannot be changed. If the trust was made with a spouse who has passed away, it may not be possible for the trust to be changed.
Can a settlor transfer property to trustee for the settlor and trustee?
Your question is assumed to be the following: May Sheila transfer her property to Judith as the trustee for the benefit of Sheila and Judith. Generally, the answer is yes but trust law is extremely complex and varies from state to state. If you transfer real property to your trust that is situated in another state than where you live, the trust must meet the requirements of THAT state. Trusts should always be drafted by an attorney who is an expert in trust law.
Who should the trustee make distributions to when trust says distributions must be made to the settlor's kids during the settlor's wife lifetime but wife is dead and trust is silent as how to proceed?
The trustee has only the power to carry out the provisions set forth in the trust. If the trust was poorly drafted you need to petition a court to make a disposition of the trust property.
Who declares in a trust if the settlor has disability?
If the settlor doesn't have the legal capacity to declare a trust then she/he doesn't have the capacity to transfer their property to the trust. Trust law is one of the most complex areas of law and the rules vary from state to state. Errors made in the drafting of a trust can be very costly to correct if they can be corrected at all. You should consult with an attorney who is an expert in trust law and who has a good reputation.
Does a settlor have to execute a deed to add property to an existing trust?
Yes. The property must be transferred by the owner to the trustee of the trust.Yes. The property must be transferred by the owner to the trustee of the trust.Yes. The property must be transferred by the owner to the trustee of the trust.Yes. The property must be transferred by the owner to the trustee of the trust.
Is an irrevocable trust a living trust?
Yes. There are two types of trusts, living (intervivos) and testamentary. The living trust is created by a living person(called the settlor or trustor). The testamentary trust is created by the will of a deceased person. Living trusts are designated as either revocable or irrevocable depending on the authority of the settlor. If the settlor has the power to cancel or revoke the trust, it is a revocable trust. If the settlor has no power to revoke it then it is an irrevocable trust. Since the revocable/irrevocable distinction is determined by what the settlor can do while he or she is alive, the trust had to have been made during the settlor's lifetime. Hence, an irrevocable trust is a living trust. On the other hand a trust that is set forth in a person's will is revocable during the life of the testator simply by a modification of the will through a codicil. Once the testator has died that trust becomes irrevocable.
Can the executor of a living trust refuse to pay money to beneficiaries even though all debt has been paid and there is still property to be sold?
A trustee manages the property in the trust. An executor manages the property owned by a decedent at the time of their death. You need to review the trust document to determine what the trustee must do with the trust property now that the settlor has died.
Only who can revoke a revocable trust?
Only the person who creates the trust (the settlor or the grantor)
What makes a revocable trust revocable?
Yes. The settlor ordinarily reserves the right in the trust document to amend or revoke the trust at any time during his or her lifetime. This enables the settlor to revise the trust (or even terminate the trust) to take into account any change of circumstances such as marriage, divorce, death, disability or even a change of mind. It also gives the settlor the peace of mind that he can undo what he has done.
