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A properly drafted trust has provisions for the distribution of the trust property upon the death of the beneficiary.
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∙ 15y ago
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What happens if a person dies leaving credit card debts and they have placed all their property into a non-revokeable trust?
The Trustee of the Trust is responsible for paying the debt out of the trust funds.
What happens if both primary and secondary beneficiary die. Second beneficiary had approved power of attorney to another sibling - what happens then?
A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?A Power of Attorney expires when the principal dies.As for the other queries about what happens when a beneficiary dies you haven't explained what type of beneficiary: life insurance, estate or trust?
What happens if the beneficiary of a california living trust dies before the estate is settled?
There is a disconnect here. A living trust is not related to an estate. The wording of the trust and perhaps the will associated with the individual will determine what the expectations are.
If you set up a trust fund to look after an aging parent what happens to the balance of the trust fund once the parent dies?
Once the parent dies, the balance of the trust fund depends on the terms and conditions outlined in the trust document. It can be distributed to the named beneficiaries, such as other family members or charitable organizations, or it may be specified to be used for specific purposes, such as covering funeral expenses or paying off outstanding debts. The distribution would be carried out according to the instructions provided in the trust.
When one spouse in a family trust dies does that trust have to be terminated and a new trust created?
That depends entirely upon the terms of the trust itself. Most such trusts, if they are properly written, have provisions for what happens when a trustee or beneficiary dies. If this trust is for the benefit of several family members equally, then the trust most likely simply continues on for the benefit of the other beneficiaries. If the trust is for the spouse for his/her lifetime only, then it would most likely terminate with the money left over going to other named beneficiaries. Ther are too many other possiblities to go into all of them here. Suffice it to say that the answer lies in the trust itself. You need to read the terms and provisions in the trust document to determine what happens when one spouse dies.
What happens when the beneficiary of the irrevocable trust dies?
It depends on the terms of the trust. You'll have to read the trust and find out. Sometimes, the benefits pass to the decedent's children. Sometimes, the benefits lapse. Sometimes, they pass to someone completely different.
When the beneficiary dies does the trustee then own the property in the trust?
No. The trust specifies what happens if the beneficiaries are no longer living. It could go to the beneficiaries' estates, or a remainder man, or to a charity. It is possible for the person who set up the trust to leave it to the trustee.
What happens to Illinois TRS benefits if spouse dies and there are no children?
A revocable trust can be made a beneficiary, subject to restrictions and limitations, or the benefits will not be paid to anybody.
When a revocable trust becomes a irrevocable trust after a person dies is trust a non grantor trust or a grantor trust?
it remains a grantor trust
What happens when someone dies with a house titled to a trust and with a mortgage?
The decedent didn't own the property if it was transferred to a trust. The property is owned by the trust and is managed by the trustee. You need to review the terms of the trust to determine how the property will be handled or distributed. If you still have questions you need to consult with an attorney who can review the trust and explain your options.
What happens in Intensely Alice who dies?
Mark dies
What happens to Voldemort when he dies?
He dies, he stops living.
