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What are the different types of trust accounts available for managing assets and funds?
The different types of trust accounts available for managing assets and funds include revocable trusts, irrevocable trusts, living trusts, testamentary trusts, and special needs trusts. Each type has specific features and benefits depending on the individual's needs and goals.
Are children responsible for credit card balances of a deceased parent in Massachusetts There is a living trust. No mortgage.?
The Uniform Trust Code contains provisions relating to liability of a revocable trust for payment of the grantor's debts. The definition of revocable clarifies that revocable trusts include only trusts whose revocation is substantially within the grantor's control. The trust remains revocable until the grantor's death. Upon the death of the grantor the trust becomes irrevocable and not responsible for the payment of the grantor's debts. Any assets of the estate are not protected from debts, as the now irrevocable trust's are, and must be used to pay debts until the estate, not the trust, becomes insolvent.
Do you earn interest on a current account?
No, you typically do not earn interest on a current account.
Is an irrevocable trust a living trust?
Yes. There are two types of trusts, living (intervivos) and testamentary. The living trust is created by a living person(called the settlor or trustor). The testamentary trust is created by the will of a deceased person. Living trusts are designated as either revocable or irrevocable depending on the authority of the settlor. If the settlor has the power to cancel or revoke the trust, it is a revocable trust. If the settlor has no power to revoke it then it is an irrevocable trust. Since the revocable/irrevocable distinction is determined by what the settlor can do while he or she is alive, the trust had to have been made during the settlor's lifetime. Hence, an irrevocable trust is a living trust. On the other hand a trust that is set forth in a person's will is revocable during the life of the testator simply by a modification of the will through a codicil. Once the testator has died that trust becomes irrevocable.
Do all deposits gain interest?
Not all deposits gain interest. Deposits to a savings account in a bank usually earn interest. Security deposits sometimes earn interest depending on where you reside. Deposits into investments will earn interest and the rate depends on the state of the economy and the financial markets.
What has the author Turner George M written?
Turner George M. has written: 'Revocable trusts' -- subject(s): Revocable trusts, Estate planning
Are living trusts revocable?
Yes, revocable living trusts have become a viable alternative to the traditional wills in many States . These trusts are favored because they allow you to have more control over your estate when you live and after your death.
where do I look to find out more about revocable trusts?
You can find more information about revocable trusts online through sites like www.legalzoom.com. You should, though, consult a trusts and estates attorney for the most up to date rules and regulations regarding trusts.
Where can I get information on revocable trusts?
Revocable trusts are able to be traced and any accountant should be able to follow a simple paper trail. As long as bank account information is stored accurately, the revocable trust should be able to be tracked down.
Are revocable trusts a matter of public record?
Revocable and irrevocable trusts become a public record only if they have been recorded in the land records because they hold title to real property.
Can a Revocable Trust be a guarantor?
Generally, lenders do not favor trusts as guarantors.
Where is the form for the irrevocable trust Is the living trust the same as an irrevocable trust?
The biggest difference between the trusts is that the Living Trust is revocable and can be changed over time. For detailed information visit: http://www.ultratrust.com/revocable-trusts-vs-irrevocable-trusts.html
Are trusts a matter of public record?
Revocable and irrevocable trusts become a public record only if they have been recorded in the land records because they hold title to real property.
What are the different types of trust accounts available for managing assets and funds?
The different types of trust accounts available for managing assets and funds include revocable trusts, irrevocable trusts, living trusts, testamentary trusts, and special needs trusts. Each type has specific features and benefits depending on the individual's needs and goals.
Can a revocable trust be sued?
Yes, a revocable trust can be sued if it holds assets that are subject to legal claims. Creditors or claimants may be able to pursue assets within the trust to satisfy debts or liabilities. However, revocable trusts can offer certain protections and may help safeguard assets from potential lawsuits.
Where can I find information on revocable trusts in lay language?
As http://www.investopedia.com/articles/pf/06/revocablelivingtrust.asp explains, a revocable trust is an important financial decision. More information the process, in relatively simple terms, is available at the above link.
Are residual trusts revocable?
A revocable trust is revocable by its maker. A residual estate is the property left in an estate after specific bequests have been made. The residual estate may be transferred to a trust and that would be a testamentary trust. The maker of a testamentary trust is deceased and cannot revoke that trust. If this doesn't answer your question you must add more details on the discussion page.
