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Can the surviving spouse dissolve a revocable living trust for the purpose of disinheriting a beneficiary?
Typically, a surviving spouse cannot unilaterally dissolve a revocable living trust for the purpose of disinheriting a beneficiary if the trust was set up by both spouses. However, they may be able to amend the trust if it allows for changes to beneficiaries. It is important to consult with an attorney for specific legal advice in this situation.
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.
Can the remaining spouse change beneficiaries in a revocable trust?
Yes, a remaining spouse can change beneficiaries in a revocable trust, as long as they are the trustee or have the authority to do so. Revocable trusts allow the grantor to modify the terms, including beneficiary designations, at any time during their lifetime. However, if the trust becomes irrevocable upon the death of one spouse, the remaining spouse's ability to change beneficiaries may be limited. It's essential to review the specific terms of the trust and consult with a legal professional for guidance.
Can the same person be both the beneficiary and the trustee of a revocable trust?
Yes.
Is a revocable trust made in one marriage valid in a subsequent marriage?
A trust stands apart as an entity holding property and remains valid after a divorce. The trustee of a trust holds title to the trust property for the benefit of the beneficiaries named in the trust document. If a former spouse is named as a beneficiary the trust should be amended if the trustor wishes to make the present spouse a beneficiary instead.
Must a person have contractual capacity to be a beneficiary of a trust?
Answer: Minors may be beneficiaries of a trust.
Should the beneficiaries of an IRA be the trust or the heirs?
Should the beneficiary of an IRA be trust or the heirs
Can one or two people beboth beneficiary and trustee in a revocable trust?
Yes, one or two people can be both beneficiaries and trustees in a revocable trust. This arrangement allows the trustee to manage the trust assets while also benefiting from them. However, it's essential to ensure that this dual role does not create conflicts of interest and that the trust is structured in compliance with applicable laws. Consulting with a legal professional is advisable to navigate the complexities of such arrangements.
What is a Semi Revocable Trust?
A semi-revocable trust is a type of trust that allows the grantor to retain some control over the trust assets while also providing certain protections and benefits to the beneficiaries. Unlike a fully revocable trust, the grantor may have limited ability to alter or revoke the trust once it is established. This type of trust can offer flexibility in asset management and distribution while still providing some level of security and permanence for the beneficiaries. It can be particularly useful in estate planning, allowing for specific conditions to be set for beneficiaries while maintaining some oversight by the grantor.
Can a grantor also be the beneficiary?
Yes, a grantor can also be a beneficiary in certain types of trusts, such as revocable living trusts. In these cases, the grantor retains control over the trust assets during their lifetime and can benefit from them. However, once the grantor passes away, the trust assets are distributed to the designated beneficiaries according to the trust's terms. It's important to structure the trust carefully to ensure it meets legal and tax requirements.
What is the meaning of tertiary beneficiary in a trust?
A tertiary beneficiary is the third in line to receive something when the primary and secondary beneficiaries have died.
Can you sell a revocable living trust?
If I am the beneficiary of a revocable living trust which is specific and only has one house in it can I assign my beneficiary rights to some one else? Also can I draw a note between myself and the person whom I am assigning the note to for the sales price and record a trust deed against the note. I live in Utah. I other words I am selling or assigning the trust which owns the house. The trustee will remain the same, only the beneficiary will change.
