The trust owns the trust property and that property is managed by a trustee who carries out the provisions of the trust.
Yes. However, the assets must be transferred to the trust and will no longer be "personal" assets. They will be under the control of the trustee of the trust. You should discuss your situation with an attorney who specializes in trust law in your state.
Does the trust have assets in it?
You must read the provisions of that particular trust to determine how it directs that assets be distributed. A trust is managed according to the provisions set forth in the document that created the trust.
Physical assets are tangible things a business or person owns, e.g. property.
That person is called the trustee. The trustee has the legal authority to handle the trust assets according to the provisions set forth in the trust.
The bank will take possession of the property. If the mortgage was granted prior to the property being transferred to the trust the bank may try to attach assets of the mortgagor/decedent for any deficiency. If granted by the trustee only the trust assets are vulnerable.
the company
You CAN get the assets back in a revocable trust. You CANNOT get the assets back in an irrevocable trust. An irrevocable trust cannot be terminated by the settler once it has been created. The settler transfers their assets into the trust and no longer has any rights of ownership in that property or the trust. The main reasons for setting up an irrevocable trust are estate planning and tax purposes. Generally, assets in an irrevocable trust are shielded from creditors.
Yes. However, the assets must be transferred to the trust and will no longer be "personal" assets. They will be under the control of the trustee of the trust. You should discuss your situation with an attorney who specializes in trust law in your state.
If the deceased's will leaves assets to a person but places them into a "trust" for that person, yes, they can.
Does the trust have assets in it?
The grantor has no control over the assets in an irrevocable trust. Those assets are under the control of the trustee.
Amalga Trust Company Inc., which had 1997 assets of $6.1 billion; First of America Trust Co., with 1998 assets of $14.4 billion; Imperial Trust Co., with 1997 assets of $9.3 billion; and Mercantile Trust Company N.A., with 1997 assets of $28.7 billion
You must read the provisions of that particular trust to determine how it directs that assets be distributed. A trust is managed according to the provisions set forth in the document that created the trust.
Physical assets are tangible things a business or person owns, e.g. property.
Assets
That person is called the trustee. The trustee has the legal authority to handle the trust assets according to the provisions set forth in the trust.