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How does one cancel a revocable trust?
You can cancel a revocable trust by removing the property held in trust because without property there is no trust...or you can notify all concerned individuals of your intent to void the trust; and at this point a notarized statement to cancel would serve well, but one is not required by law.
How do you find out who the executor is of a revocable trust is?
A revocable trust has a trustee not an executor. If you want to know something about the trust you would need to ask the trustor. The trustor is the person who created the trust to hold title to their property.
How do you change the name of a checking account to a special needs trust written up as part of a revocable living trust?
You need to talk to the attorney that drew up your trust(s). If the special needs trust is contained with your living trust, then is it in existence now, or when you die? Check the terms. If it exists now, then there should be a name of the trust, a trustee and you should obtained a taxpayer id# from the IRS. Note that a transfer into the trust is probably a taxable gift. This is not a DIY project. Consult your attorney.
Can a credit card company put a lien on a revocable trust bank account in Arizona?
Yes if they obtain a judgment they can enforce it upon the estate. Since the trust may be altered at any time until the grantor's death, it is considered part of the grantor's and is estate subject to be taxed as well.
Do you have to pay capital gains tax on property inherited from a trust?
No. Capital gain tax is a tax that is assessed when an asset is sold. The passing of an asset by inheritance (one received by the laws of intestacy when a decedent dies without a will) or an asset distributed from a trust does not constitute a sale; thus, the tax is not triggered. The tax is triggered when the property, inherited from a decedent or as a distribution from the trust, is sold. Assets owned by a decedent (or his revocable trust) get a new basis when the decedent dies, equal to the asset's value as of the date of death. If you sell the asset for more than the basis, then the tax is payable on the sale price, minus the basis. On the other hand, if an asset is owned by a trust, is sold by the trust, and proceeds are received by the trust, the trust must pay the capital gain tax.
How does one cancel a revocable trust?
You can cancel a revocable trust by removing the property held in trust because without property there is no trust...or you can notify all concerned individuals of your intent to void the trust; and at this point a notarized statement to cancel would serve well, but one is not required by law.
Why would one work with a revocable trust?
Revocable trust includes many advantages. Revocable Trust's main advantage is the agreement provides flexibility and income to the living grantor.
Can revocable trust have POA?
no
Can changes be made to beneficiaries in a revocable trust that was originally prepared by an attorney?
Yes, changes can typically be made to beneficiaries in a revocable trust that was prepared by an attorney. You would need to work with the attorney who drafted the trust to amend the document and update the beneficiaries accordingly.
Is a residuary trust revocable or non revocable?
A residuary trust is set forth in a Will and is non-revocable after the death of the testator. It can be amended or revoked while the testator is still living.
can a revocable trust be terminated before it's expiration date and devided however the trustee wants or does it have to be divided equally shares?
A revocable trust can typically be terminated before its expiration date, with the assets distributed according to the provisions outlined in the trust agreement or at the discretion of the trustee. The trustee may have the flexibility to distribute the assets as they see fit, depending on the terms specified in the trust document.
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 surviving spouse dissolve a revocable living trust for the purpose of disinheriting a beneficiary?
Typically, a surviving spouse cannot unilaterally dissolve a revocable living trust for the purpose of disinheriting a beneficiary if the trust was set up by both spouses. However, they may be able to amend the trust if it allows for changes to beneficiaries. It is important to consult with an attorney for specific legal advice in this situation.
Difference between a Revocable Living Trust and Dynasty Trust.?
A Revocable Living Trust allows the grantor to maintain control and make changes during their lifetime, while a Dynasty Trust is irrevocable and passes wealth to multiple generations. A Revocable Living Trust avoids probate but does not provide asset protection, unlike a Dynasty Trust which can protect assets from creditors and estate taxes for multiple generations.
How do you find out who the executor is of a revocable trust is?
A revocable trust has a trustee not an executor. If you want to know something about the trust you would need to ask the trustor. The trustor is the person who created the trust to hold title to their property.
What does the Revocable Living Trust provide?
A revocable living trust is very similar to a living will. The owner of money or property can determine what happens to their estate after their death.
Where can I search to learn about revocable trust?
You can search online resources such as legal websites, government websites, or financial planning sites to learn more about revocable trust. Additionally, consulting with a qualified estate planning attorney or financial advisor would be beneficial to get personalized guidance on setting up a revocable trust.
