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Can the assets in a revokable living trust be affected by a bankruptcy of the trust holder?
Yes.
In California can a spouse revoke a revokable living trust without the other knowing?
No, it is not possible for a spouse to revoke a revocable living trust without the other spouse knowing in California. Both spouses typically have rights and responsibilities in managing community property, including property held in a revocable living trust. Any changes made to the trust would likely require the knowledge and consent of both spouses.
Can you endorse a check payable to you as trustee under a revokable living trust over to you as an individual and then deposit it in your individual bank account?
no. It must be deposited in an account "owned" by the trust. Once in that account, the trustee(s) [i.e. you] can move the money wherever it needs to go ... including into your personal account.
What is the antonym of irrevocable?
revokable, forgivable
Living Trust Revocation?
Get StartedThe Living Trust Revocation is a document used to revoke a living trust or joint living trust. The Revocation can be used to either dismantle the entire plan of using a revocable living trust or to revoke the "old" living trust in preparation for preparing and signing a "new" living trust. However, if a new living trust will be created, and if it will have the same number of grantors as the revoked living trust, consider amending and restating the existing living trust instead of revoking it. If the living trust is merely restated and not revoked/replaced, the assets already transferred to the living trust will remain in the living trust, avoiding the need to transfer each of them. (See this program's Living Trust or Joint Living Trust documents and select the option to "Amend" the Trust.)
What is the definition of a living trust?
A living trust is simply a trust created by a living person. It is also known as an "inter vivos trust". That's Latin meaning a trust between living persons. Conversely, a trust created by someone in a will is called a testamentary trust.
What is the living trust all about?
A living trust is very similar to a living will. The living trust is created by the individual and outlines the wishes of that individual in regards to their assets.
What is a definition of a trust?
A living trust is simply a trust created by a living person. It is also known as an "inter vivos trust". That's Latin meaning a trust between living persons. Conversely, a trust created by someone in a will is called a testamentary trust.
Can an irrevocable trust be broken because who suffers from a seizure disorder medication which impairs her judgment and grantor was forced by brother and sister to sign trust?
If undue influence can be shown, it might be revokable. Given the circumstances, consider consulting an attorney. They can explain the process and give you an idea of the costs involved.
Do I need a living trust?
If you are already writing a living will so you don't have to worry about your estate in the future it is a good idea to write a living trust as well. For more information about living trust http://www.legalzoom.com/living-trusts/living-trusts-overview.html and scroll down to where it talks about living trust.
What is the living michigan trust?
A living trust is similar to a living will. This is a common way of protecting assest from creditors.
Are the assets in a living trust protected from lawsuits?
Assets held in a living trust may offer some protection from lawsuits, but it depends on the specific circumstances and the laws in your jurisdiction. Generally, assets in a trust are protected from probate and may be more difficult for creditors to access, but they are not completely shielded from lawsuits or creditors. It's important to consult with a legal professional to understand how a living trust may affect your personal situation.
