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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.
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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
Only who can revoke a revocable trust?
Only the person who creates the trust (the settlor or the grantor)
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 is the Polish word for trust?
Trust, as in that you trust someone, is zaufanie. Trust as a sort of an financial organisation is fundusz.
Can assets be siezed if a trustee of an revocable living trust goes bankrupt?
Probably not. The trustee and the Trust are entirely different things.
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 an irrevocable trust be converted to a revocable trust after grantor is deceased?
Revoking a trust means it goes back to the grantor. Who is, in your example, deceased.I trust (no pun intended ... well, maybe a little bit) you see the problem here.Essentially, the distinction between a revocable and irrevocable trust vanishes when the grantor dies.
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.
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 is just that - revocable. If you are the creator of the trust, you can revoke it and change ownership of property.
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
Difference between a Revocable Living Trust and Dynasty Trust.?
In both a revocable living trust and dynasty trust, the trust assets are managed by a trustee separate and apart from your personal assets. The primary difference is that a revocable trust can be modified or even revoked by you during your lifetime. Once a dynasty trust is created it cannot be revoked or modified by the settlor of the trust.
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?
Revocable trust is the process where you send your assets to someone you trust in order to have tax breaks when someone inherits an estate. ehow.com has some good briefings on the subject.
