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Should you dissolve a revocable living trust before the sale of parents property?
Wiki User
∙ 9y ago
Trust law is complicated. You should seek the advice of an attorney who can review your situation and explain your options.
Wiki User
∙ 9y ago
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Can any liens be placed on my home if it's in an revocable trust?
Trust law is extremely complicated. And yes, an improperly drafted trust can leave your property exposed to creditors and taxes. A revocable trust implies that you maintained some control over the property. That may cause the property to be exposed to creditors. The surest way to protect property is with an irrevocable trust. You should consult with an attorney who specializes in trust law and tax law.
Is your trust fund marital property?
Generally no. A beneficiary's interest in a trust created by someone else would not be marital property. A grantor's interest in a trust that is revocable should be the same character as if the trust did not exist.
Can one person in a married couple place their half of a personal residence into a revocable trust?
If the property is held as tenants by the entirety the answer is no. If not held as T by E then you should consult with an attorney in your area who specializes in the law of real property.
Where can I get information on revocable trusts?
Revocable trusts are able to be traced and any accountant should be able to follow a simple paper trail. As long as bank account information is stored accurately, the revocable trust should be able to be tracked down.
Does your home jointly owned by your wife and you have to be transferred to your revocable trust?
That is a decision you make on your own based on the reasons for which you have a trust. There is no special rule book telling you what to transfer to your trust. If you want your home to be transferred out of your individual names and into a trust then you must execute a deed signed by both owners transferring the property to the trustee of the trust.It doesn't sound as though you know much about your "revocable trust". Trust law is extremely complex. Transferring your property to a revocable trust will keep the property in your names for tax purposes. It may also make the property vulnerable to creditors. It sounds as though you should consult with an attorney who specialize in trusts and estate planning before drafting any legal documents and transferring property on your own.
If your house is solely in your name how do you keep your in-laws from entering your home?
If you are the sole owner of the property you have the right to tell your inlaws that you do not want them visiting your home. If your relationship is that bad you should ask your spouse to visit with their parents at the parents' own home.If you are the sole owner of the property you have the right to tell your inlaws that you do not want them visiting your home. If your relationship is that bad you should ask your spouse to visit with their parents at the parents' own home.If you are the sole owner of the property you have the right to tell your inlaws that you do not want them visiting your home. If your relationship is that bad you should ask your spouse to visit with their parents at the parents' own home.If you are the sole owner of the property you have the right to tell your inlaws that you do not want them visiting your home. If your relationship is that bad you should ask your spouse to visit with their parents at the parents' own home.
Are children responsible for maintaining deceased parents property?
If they inherited the property then they have a stack in the property and responsibility to uphold the standards of the community;Howerver, if they are not the property owners and have no interest in the property then, I would say they should not be held responsible.
What goes in a revocable trust?
Assets such as real estate, bank accounts, investments, and personal belongings can go in a revocable trust. You can also include instructions for how you want your assets to be managed and distributed during your lifetime and after your passing. Additionally, you can name beneficiaries who will receive the assets held in the trust.
What should you do if you want to file bankrupty but your name is on your parents' property and you don't want to lose the property?
File a Chapter 13 Bankruptcy It allows you to keep the property and make payments you can afford.
Should parents be held respondsable for destroying school property?
Not in the least. Hold the child responsible and therefore teach the child not to damage other peoples property.
Can a daughter claim an interest in her parents' property when her mother dies and her father is getting a reverse morage?
That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.
Are children allowed to climb on community mailboxes?
Parents should not let this happen. The community mailboxes are the property of the US Postal System, and as such government property. If someone falls off and cracks open their head who is supposed to pay ... the government or the parents? Should be the parents for allowing them to play on things that are not designated at "play equipment". Pure lack of parental control.
