0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Person who holds assets in a trust for beneficiary?
That person is called the trustee. The trustee has the legal authority to handle the trust assets according to the provisions set forth in the trust.
How can late grandma buy a house?
with her money. Late (deceased) grandma can't do much of anything, unless she set up a trust before she died with instructions for the holdings of the trust to be used for the construction of the house.
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.
Why might a person set up a special needs trust?
One reason a person might set up a special needs trust is to help provide for a special needs person without interfering with their receiving government benefits. You can learn more about this at the Wikipedia.
Can a revocable trust be sued by credit card companies after the person is deceased?
That all depends on the trust and whether it was set up properly to protect the assets of the decedent. In order to transfer title to property out of an individual to protect that property from probate and creditors EFFECTIVELY, the trust must be drafted by a professional. If the truster maintained any control over the trust the trust property may be vulnerable to claims against the decedent's estate. The creditors can make claims against the estate and a judge will decide.
How can you find out if your father set up a revocable trust?
If your father is living you must ask him. If he's deceased you can check the probate court in his jurisdiction for a file in his name. If that doesn't provide any information then you should contact the attorney he used while he was living if you have that information.
How does one get taken off a trust when the person making the trust is dead?
You must review the document that created the trust to determine if changes can be made. All the provisions of a trust must be set forth in the trust document.
What cases does a trust attorney handle?
"A trust attorney will usually handle cases that have to do with a living trust, making sure it gets set up and transferred correctly." A trust is one person holding the legal title of property for another person. A trust attorney is the legal representative that handles trust cases.
under michigan how long do you have to disperse assets from a living trust after the death of the person who set up the trust what is considered a reasonable period of time for the trustee to act?
You have five years to settle things but the trust runs as long as it was set to.
Do you probate living trust?
No, a living trust does not get "probated" the way a will is probated. Wills are probated, meaning proved, because the person who did the will is deceased and the witness to the will have to swear that that person did sign the will properly in their presence. The living trust is like a deed to a house. It is effective simply by its terms the the person who created it has set it up. While traditional probate is not required, some states provide that the trust should be filed with the probate court in order to have identifying documentation issued to the trustees.
Is it possible to arrange an irrevocable trust with the same person as grantor trustee and beneficiary?
You cannot have the same person as grantor, trustee and beneficiary in any trust. There is no trust created in such a set up. The grantor in an irrevocable trust cannot be the trustee. The property in an irrevocable trust must be permanently separated from the grantor's control.
If you are named in a trust can you see that trust before death?
A testamentary trust is one that is set forth in a person's Last Will and Testament. If you think you are named as a beneficiary in a testamentary trust you have no right to see the Will prior to the death of the testator.
