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When one spouse in a family trust dies does that trust have to be terminated and a new trust created?
Wiki User
∙ 12y ago
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.
Wiki User
∙ 12y ago
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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 a family break a family trust after the death of the person who created it?
They must review the document that created the trust to determine if and how the trust can be terminated. Most trusts contain a clause that addresses termination. If there is no such clause the family would need to bring the matter to court and let a judge determine the outcome.
Can a break a family trust after the death of the person who created it?
They must review the document that created the trust to determine if and how the trust can be terminated. Most trusts contain a clause that addresses termination. If there is no such clause the family would need to bring the matter to court and let a judge determine the outcome.
How do you break a trust?
Read the document that created the trust to find how the trust can be terminated. If there is no provision for terminating the trust you need a court order.
When does a trust become finished and not sueable?
When the trust has been terminated according to the provisions in the trust instrument and the trust property has been distributed to the trust beneficiaries.When the trust has been terminated according to the provisions in the trust instrument and the trust property has been distributed to the trust beneficiaries.When the trust has been terminated according to the provisions in the trust instrument and the trust property has been distributed to the trust beneficiaries.When the trust has been terminated according to the provisions in the trust instrument and the trust property has been distributed to the trust beneficiaries.
How do you handle execution of trusts upon grantors death?
You need to review the document that created the trust to determine how the trust property is to be distributed and how it can be terminated.
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.
Which type of will allows you to pass to your spouse any amount that satisfies your family objective?
exemption trust will
How do you end an irrevocable trust?
The manner by which the trust can and should be terminated should be recited in the trust document.
Can a Michigan living trust can be terminated or changed at any time?
A Michigan living trust can be terminated or changed at any time. A trust owner can always go through the process of changing or terminating a trust at any time. Yes a Michigan living trust can be terminated or changed at any time. Provided the owner of the trust is still iving it can be changed with a simple form.
Does a trust created prior to marriage automatically get distributed to spouse not included in trust?
Generally, no. In fact, a properly drafted trust protects the assets of the trustor from their spouse. That type of arrangement is often used when a person has valuable assets, children from a first marriage and a new spouse. A trust removes the assets from their individual estate thereby circumventing inheritance laws.
How do you close out a living trust?
You need to review the terms of the trust to see how it can be terminated.
