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Only the person who creates the trust (the settlor or the grantor)

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Q: Only who can revoke a revocable trust?
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Can the surviving spouse dissolve a revocable living trust for the purpose of disinheriting a beneficiary?

Yes, a survivor can dissolve a revocable living trust


Can a property held in a Revocable Living Trust qualify for the Florida homestead exemption?

While I am not a Florida attorney, the general rule is that including property in a Revocable Living Trust does not change the ownership for purposes of a homestead exemption. Because such a trust is revocable at any time, it is still considered your property and therefore still qualifies for a homestead exemption.


Can a revocable trust be changed by a codicil?

Generally, a revocable trust is a living trust. The instrument that created the trust, sometimes called a Declaration of Trust, must set forth all the provisions of the trust including how and if it can be amended. Amendments to a trust must be attached to the original trust instrument. If the trust is recorded in the land records any amendments thereto must be recorded in the land records. Changes to a living trust are called trust amendments.A testator can also set forth a trust in their will. That type of trust is called a testamentary trust. A testamentary trust can be amended by a codicil.


What goes in a revocable trust?

If you mean what property can be transferred to a revocable trust the answer is any property real or personal. However, the degree of protection provided by a trust depends on the type of trust. Since a trustor of a revocable trust retains a significant amount of control over the trust property that type of trust does not protect assets as well as a irrevocable trust can. The most common property transferred to a trust is real property. Assets such as actively used bank accounts (savings and checking) should not be placed in trust. Classic cars, costly jewelry, valuable coin collections, etc., can be transferred to a trust in order to remove them from the owners estate. Special needs trusts must be utilized to keep assets separate from individuals who depend on government benefits. If you are considering the transfer of your property to a trust you should speak with an attorney who specializes in trusts to determine what type of trust will meet your needs and expectations. Trust law is very complicated. Trusts should always be drafted by a professional who can review your situation, explain your options and draft a trust that will meet your needs and legal standards.


What is the opposite word assign?

withdrawl, revoke

Related questions

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 is just that - revocable. If you are the creator of the trust, you can revoke it and change ownership of property.


Can a testamentary trust be revocable?

No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.


Are residual trusts revocable?

A revocable trust is revocable by its maker. A residual estate is the property left in an estate after specific bequests have been made. The residual estate may be transferred to a trust and that would be a testamentary trust. The maker of a testamentary trust is deceased and cannot revoke that trust. If this doesn't answer your question you must add more details on the discussion page.


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 a revocable trust be undone?

Yes. You can rewrite a revocable trust if you want to make substantial changes in the trust provisions. However, if you only wish to make minor changes that can be accomplished by an amendment to the trust that clearly identifies the provisions you want to revoke and then clearly states the substitution. Trusts should always be drafted by a professional who can review your situation, explain your options and draft a trust that will meet your needs and legal standards.


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.


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?

Changes can be made to beneficiaries in a revocable trust that was originally prepared by an attorney. In a revocable trust, you can legally change the terms and end the trust at anytime before death.


Do you capitalize the word trust when referring to a revocable living trust in the general sense?

No. You only need to capitalize the word "trust" or "trustees" when you are referring to the specific trust. For example: As referenced in the John Doe Revocable Living Trust. John Doe, as Trustee for the John Doe Revocable Living Trust. However, if you are simply refering to the trust, you do not need to capitalize the word trust. The above-mentioned trust contains limited authority for the trustees.


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 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.