0
A residual trust is known as the A-B trust. It its set up to handle someones estate and allow for part of it to be used for the spouse.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Can a trustee sell assets in a irrevocable trust when the decease owns 99 percent of the property named in the trust?
You must review the terms of the trust to determine the powers of the trustee. If you still have questions then you need to consult an attorney who specializes in trust law.On one point you seem to be confused. A decedent cannot be the owner of 99% of the property in a trust. The property is owned by the trust. The most common purpose of a trust is to remove property out of a person's estate (the grantor) so that the property bypasses probate.Once a person transfers her property to a trust, it is managed by a trustee according to the terms of the trust. A properly drafted trust has provisions that direct the distribution of property after the death of the grantor.
What does a surviving spouse have to do to remove the other spouse from a trust?
You cannot be the surviving spouse of a trust. A trust is a legal arrangement set up to hold title to property. Any trust is managed by the provisions set forth in the document that created the trust. You need to review that document. If no one has a copy then you may need to get a court order to make changes.
In what year did Hersha Hospitality Trust - HT - have its IPO?
Hersha Hospitality Trust (HT)had its IPO in 1999.
Are certificates of Deposit part of the residuary estate?
They are a part of the estate. Whether they are residual or not will depend on whether the CDs have a beneficiary named on them or are specifically left to someone.
What happens if you find additional insurance policies where beneficary listed is absolutely excluded in trust?
In order to find a trust with life insurance proceeds the trust must be named as the beneficiary of the insurance policy. Then the trust documents specify what the funds are used for that are in the trust. If there are other life insurance policies that are still active and have other individuals named as the beneficiaries then the money from those policies cannot be placed into the trust and will be paid directly to the current beneficiary listed with the insurance company. The trust will have no claim whatsoever on these policies. It could be that these policies had their beneficiary changed when the trust was set up and the trust is the current beneficiary of them as well and he just didn't put the change form in the policy. Whatever is on record with the insurance company will be the person that the benefits are paid to no matter what.
Are residual trusts revocable?
A revocable trust is revocable by its maker. A residual estate is the property left in an estate after specific bequests have been made. The residual estate may be transferred to a trust and that would be a testamentary trust. The maker of a testamentary trust is deceased and cannot revoke that trust. If this doesn't answer your question you must add more details on the discussion page.
Can the trustee of a q tip trust dissolve the trust before the demise of the lifetime beneficiary without the consent of the residual beneficiaries in the state of New Jersey?
A trustee has only the powers that are provided in a trust instrument. Since a Q Tip Trust is created in a will by a testator who desires to preserve the trust property for his children, it is doubtful a testator would grant the power to dissolve the trust to the trustee. Therefore, if the will did not specifically grant that power to the trustee the answer to your question is no.
What is a residual lake?
Lakes which are made by residual rocks which are left after weathering and erosion and form the residual lakes.
What is the definition of residual hills?
Residual hills are landforms that remain after erosion has worn away surrounding material, leaving isolated hills or ridges behind. These hills often have a more resistant rock composition that withstands erosion better than the surrounding material. Residual hills can be found in various landscapes around the world.
What is a residual haunting?
A residual haunting is a playback of a past event.
Who does Residual income of a firm belongs to?
The residual income of the firm belongs to
What is the functional residual capacity FRC composed of?
Functional Residual Capacity (FRC) = Expiratory Reserve Volume (ERV) + Residual Volume (RV)
Why is functional residual capacity measured and why is it important?
Funtional Residual Capacity amounts
The residual income of the firm belongs to?
residual income belongs to the common stockholders.
When coding a late effect what come first the late effect or the residual?
Residual
When coding a late effect what comes first the late effect or the residual?
Residual
How are residual mountains form?
Residual mountains are formed by the plates in the earth moving
