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All the provisions of a trust must be set forth in the document that create the trust. Only the trustee has 'access' to the trust property. After the death of the grantor the over-riding hope is that the trust was properly drafted. The powers of the trustee must be set forth in the trust document and those should include the power to transfer or sell the trust property and then distribute the proceeds to the beneficiaries. If the trust document does not provide for final distribution then a petition will need to be filed in a court of equity and a judge will need to issue a court order to distribute the trust assets.
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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
Can an irrevocable trust be converted to a revocable trust after grantor is deceased?
Revoking a trust means it goes back to the grantor. Who is, in your example, deceased.I trust (no pun intended ... well, maybe a little bit) you see the problem here.Essentially, the distinction between a revocable and irrevocable trust vanishes when the grantor dies.
Grantor conveyed their property to a trust reserving a life estate. If the sole beneficiary dies before the Grantor does the property revert back to the original Grantor?
No. Not unless the trustor made that reverter a provision of the trust.If a grantor transferred their property to a trust and reserved a life estate, the life estate continues even if the beneficiary of the trust dies. There should be a provision in the trust that directs where the property should go in the case of the death of the sole beneficiary. This is a good example of the need for an expert to draft any trust.You need to review the terms of the trust to determine how the trust property will be distributed. If the trust doesn't address this issue then it may need to be addressed by a court.
The grantor of a warrenty deed dies do his heirs have to guarantee the deed?
No. The warranty comes from the grantor.
What is the Successor's legal obligation to an estate after last surviving Grantor dies?
The Successor's legal obligation to an estate after the last surviving Grantor dies is to administer the estate according to the terms outlined in the Grantor's estate planning documents, such as a will or trust. This may involve distributing assets to beneficiaries, settling any outstanding debts or taxes, and fulfilling any other instructions specified by the Grantor. The Successor is required to act in the best interests of the estate and its beneficiaries.
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.
Living Trust - Joint?
Get StartedA Joint Living Trust can be created by a person and that person's spouse. In some cases, this method is preferable to creating two separate Living Trusts, especially where assets to be contributed are held jointly and could not easily be divided to be placed into two separate trusts. Another advantage is that the joint trust is created in a single document rather than multiple documents.Typically, the Joint Living Trust provides for both spouses, who are the Co-Grantors, to serve as the initial Co-Trustees. They serve for such time as they are able and willing to manage the assets of the Trust during their joint lifetime. After the death, "disability" or voluntary resignation of one, the other can continue as Trustee. When neither Grantor serves as Trustee, a successor Trustee takes over the management of the Trust.The Joint Living Trust is "revocable," that is, it can be amended or revoked at a later time.PaymentsDuring the Grantors' lifetime, payments of the net income of the Trust are made to the Grantors at fixed intervals. The amount of the payments can be changed from time to time at the request of the Grantors.When a Grantor dies, the Trust provisions designate the beneficiaries who will receive that Grantor's property, much in the same manner as a will. At the option of the Grantor, these provisions can include specific distributions and distributions of tangible personal property before the distributions of the remaining trust assets. The successor Trustee carries out these provisions in a role similar to that of an Executor. These provisions also allow the Grantors to include a trust share that will be maintained for the benefit of the Grantors' minor children through a trust for minor children.Advantages of a Living TrustThe Joint Living Trust is often viewed as a preferable alternative to the Will. Some of the perceived advantages of the Joint Living Trust relate to privacy, reduced probate costs, and management of assets. For more information, see the Trust vs. Will Comparison topic. And for a review of what to consider when deciding on a Living Trust, see the Factors to Consider topic.NOTE: This trust is not appropriate for couples with a combined estate (including life insurance proceeds and retirement plans) that exceeds the federal estate tax applicable exclusion amount ($3,500,000).
Is a power of attorney still valid after the principal dies?
A power of attorney terminates when the principal dies.
Can someone with Power of Attorney access funds after someone dies?
No they will not be able to access funds. A power of attorney expires on the death of the grantor.
Living Trusts?
A living trust can be one of the most beneficial instruments for legal security a person creates in his or her lifetime. Many people seek the help of financial advisors or lawyers to help them create effective living trusts. If one is undecided as to whether or not creating a living trust is a wise decision, then a legal professional can help such a person make the right decision. Essentially, a living trust is a written agreement that names somebody as a person responsible for managing property for others' benefit. A living trust is labeled with the adjective living, because it is a trust created while one is alive. A revocable living trust allows a person to change, edit, or end the trust at anytime and for no apparent reason. There are certain legal terms that are key to understanding living trusts, and more generally, trusts. First, it is important to understand that an owner of a right to possess a piece of land now, presently, is the owner of a possessory estate. The owner of a right to possess a piece of land in the future is the owner of a future interest in the land. It is also important to understand the concept of a fee simple. A fee simple is a type of possessory estate, along with a fee tail, life estate, and term of years. The fee simple is the largest estate out of all these types. An owner of a fee simple can keep land forever, or he or she can devise it to someone else to keep forever. To create a fee simple, the classic language is O to A and (his or her) heirs. In the above phrase, the words to A are considered the words of purchase. The words of purchase alert someone to who is receiving the interest. A is considered the grantee in the above phrase. In this phrase, the grantee would be able to sell, give away, or devise the land within a living trust. With this phrase, it is important to understand that the grantee, A, receives the fee simple, while the heirs receive nothing. There are many great reasons to create a living trust. First, it allows someone to provide financial management of one's property after one dies. In addition, a living trust provides for one's minor children after one dies. These are some of the best reasons to create a living trust.
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.
When a person dies and no one name was on it but hers can a family member get the money out if they were her power of attorney?
The power of attorney has no rights after the death of the grantor.
