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What else can I help you with?
How do you name a beneficiary of real estate in a living trust?
You consult with an attorney who specializes in trust law in your state. Trust law is one on the most complex areas of law. Errors made by non-professionals can be costly to correct later if they can be corrected. Corrections to revocable trusts once the grantor had died must be made by a judge. Corrections cannot be made to irrevocable trusts.
Is it possible for real estate to be held in a generation-skipping trust?
Absolutely. Get the help of a lawyer. Consider an irrevocable trust with beneficiary named as one option.
Can people trust you?
Trust is a complex concept that involves consistency, reliability, and honesty in one's actions and words. Building trust with others requires demonstrating integrity, competence, and transparency over time. Ultimately, trust is earned through consistent behavior that aligns with one's values and commitments.
Is it true that a business firm that controls all the competition in an industry holds a trust over the industry?
Yes, when a business firm controls all competition in an industry, it can be described as holding a monopoly rather than a trust. A trust typically refers to a legal arrangement where multiple companies work together to limit competition and control prices, whereas a monopoly is when a single firm dominates the market. Both scenarios can lead to reduced competition and potentially higher prices for consumers. However, the term "trust" is more historically associated with early 20th-century practices of collusion among companies, rather than sole control by one entity.
How do you handle trust level?
Well, handling trust level depends on individual adroitness. A skilled professional can handle trust level in his individual capacity more efficiently than a novice or a new commer in a particular profession.Please bear in mind that it takes a lot of time and energy to build one's trust level upon his clients and to maintain the same is also a strenuous job.
How does one cancel a revocable trust?
You can cancel a revocable trust by removing the property held in trust because without property there is no trust...or you can notify all concerned individuals of your intent to void the trust; and at this point a notarized statement to cancel would serve well, but one is not required by law.
What is a non revocable trust fund?
An irrevocable trust is one in which the settlor (or creator) of the trust does not retain any control of the trust, and thus the trust cannot be amended. The reason that an individual would chose to create an irrevocable rather than revocable trust is that the money cannot be touched by creditors or anyone else. There are also money-saving benefits to the creation of an irrevocable trust primarily relating to probate fees and taxes.
Can a irrevocable trust become revocable if the only trust document is a will?
Trust law is one of the most complex areas of law. It depends on the instrument that creates the trust. You need to discuss this question with an attorney who specializes in trust law. Generally a trust set forth in a will is revocable by the testator during her life and irrevocable after her death.
Is a trust considered a marital asset in a divorce action?
If the trust is revocable and one party is the trustee it is not a marital asset for division in a divorce proceeding
How does one retrieve property from a revocable trust?
I would first start with probate court, and ask them what to do in your local state. Then I would go and find yourself a lawyer so you can start the process.
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.
Should one place regular savings in revocable trust?
The purpose of a living trust is to avoid probate when you die. This can only occur if your assets are titled in the name of your revocable living trust. Therefore, as a general rule, all of your assets should be retitled in the name of your living trust with two exceptions. Read more at http://sandiegoestateplanningblog.blogspot.com/2010/02/should-one-place-regular-savings-in.html
Can the remaining spouse change beneficiaries in a revocable trust?
Yes, a remaining spouse can change beneficiaries in a revocable trust, as long as they are the trustee or have the authority to do so. Revocable trusts allow the grantor to modify the terms, including beneficiary designations, at any time during their lifetime. However, if the trust becomes irrevocable upon the death of one spouse, the remaining spouse's ability to change beneficiaries may be limited. It's essential to review the specific terms of the trust and consult with a legal professional for guidance.
Can one or two people beboth beneficiary and trustee in a revocable trust?
Yes, one or two people can be both beneficiaries and trustees in a revocable trust. This arrangement allows the trustee to manage the trust assets while also benefiting from them. However, it's essential to ensure that this dual role does not create conflicts of interest and that the trust is structured in compliance with applicable laws. Consulting with a legal professional is advisable to navigate the complexities of such arrangements.
Can you sell a revocable living trust?
If I am the beneficiary of a revocable living trust which is specific and only has one house in it can I assign my beneficiary rights to some one else? Also can I draw a note between myself and the person whom I am assigning the note to for the sales price and record a trust deed against the note. I live in Utah. I other words I am selling or assigning the trust which owns the house. The trustee will remain the same, only the beneficiary will change.
Can there be two trustees of a revocable trust?
Yes. There are often more than one trustee. The trust should make clear whether any one trustee may exercise the powers of the trustees under the provisions of the trust or if they must act together.
Who owns a trust?
A trust isn't something that is owned. A trust is a legal arrangement by which one entity holds legal title to property for another. The grantor of trust, or the entity that created the trust, may think in terms of owning the trust in the case of a revocable trust, however, the title to the trust property is always held by the trustee.
