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When a revocable living trust becomes irrevocable at death can the sucessor trustees be changed by the current trustee?
Yes, if that power was granted in the trust instrument.
Does power of attorney end at death if there is a clause that says it remains in effect until a trustee is appointed?
Power of attorney ends at death. A revocable and irrevocable trust with a trustee and benaficiarys would continue from life thru death. This would be a better option if your trying to hold on to property.
Can one get a loan on property in a revocable trust?
The trustee holds the legal interest in the property according to the terms of the trust. The trustee may mortgage the property if that power was granted in the trust instrument.
Is it possible to arrange an irrevocable trust with the same person as grantor trustee and beneficiary?
You cannot have the same person as grantor, trustee and beneficiary in any trust. There is no trust created in such a set up. The grantor in an irrevocable trust cannot be the trustee. The property in an irrevocable trust must be permanently separated from the grantor's control.
Can a trustee dissolve an irrevocable trust?
When you click on the link that has been provided for you beneath this answer it will take you directly to a webpage where you will find everything that you need to need to know about irrevocable trusts and trustees.AnswerThere are revocable trusts and irrevocable trusts. A trustee can only do what is provided in the trust and what is allowed by law. A properly drafted revocable trust should have a provision for the dissolution of the trust. An irrevocable trust is notsubject to change or dissolution. You should consult with the attorney who drafted the trust to determine your options.
After a revocable living trust has been established can additional property be transferred to it?
Yes. If the trust was properly drafted property can be transferred in and out of the trust by the trustee.
Can real estate that is deeded to an irrevocable trust be sold by the owner?
Absolutely not. The person who transferred the property to an irrevocable trust no longer owns the property. Their deed would be null and void. The trust can sell the property as long as that power was granted to the trustee in the Declaration of Trust. For an effective transfer of the property the deed of transfer must be executed by the trustee.
Can a grantor who is also the trustee break an irrevocable trust?
Warning! An irrevocable trust is not created when the grantor (trustor) is also the trustee. By transferring their property to a trust of which they are the trustee the grantor has retained control over the property. Irrevocable trusts are usually set up for tax purposes. The grantor cannot retain any control over the property in order for the trust to qualify as an irrevocable trust. The trust you describe has failed and left the trust property exposed to creditors and taxes. You need to consult with an attorney who specializes in trust law and tax law.
Is it possible to get a mortgage loan in the name of a Revocable Trust where the original trustee has died and the trust says that it now reverts to an irrevocable trust?
There should be a provision in the trust for the appointment of a successor trustee. A trust cannot act, it needs a trustee (think human being) to act for it. The new trustee can apply for the mortgage. The bank will want to review the trust to make certain that the trust is valid and the title to the real property is in the trust.For example, the mortgagor would be Kathryn Stewart, as trustee of the Norwattuck Mountain Trust. Any real property conveyed to the trust should be conveyed to the trustee as stated above.
Can a loan be obtained against real estate property to initiate repairs if that property is secured in an Irrevocable Trust?
Yes. The trustee must sign the mortgage as the owner of the property.
can a revocable trust be terminated before it's expiration date and devided however the trustee wants or does it have to be divided equally shares?
A revocable trust can typically be terminated before its expiration date, with the assets distributed according to the provisions outlined in the trust agreement or at the discretion of the trustee. The trustee may have the flexibility to distribute the assets as they see fit, depending on the terms specified in the trust document.
Can trustee let house in irrevocable trust go into disrepair?
That would be a breach of their fiduciary duty. The property needs to be maintained.
