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Return to the attorney who drafted the trust to make certain it's properly done. Trust law is extremely complex. Trusts should always be drafted by an attorney who specializes in trust and tax law. Errors made by non-professionals can be costly to correct and can result in the trust being judged invalid and the property being vulnerable to creditors and probate.
What else can I help you with?
How does an executor of a living trust get paid?
An executor of a living trust, often referred to as a trustee, is typically compensated through a fee outlined in the trust documents. This fee can be a percentage of the trust's assets, an hourly rate, or a flat fee, depending on the trust's terms. If the trust does not specify compensation, the trustee may negotiate payment with the beneficiaries or follow state laws regarding reasonable compensation for trustees. It's important for the trustee to maintain transparency with beneficiaries regarding their fees.
Is there a timeline for distribution of assets in a living trust?
For anything you want to know about a specific trust you need to review the language in the trust document. Everything about a trust such as the time line for distribution, powers of the trustee, beneficiaries, etc., must be set forth in the document that creates it.
Can money be withdrawn from an irrevocable trust?
Generally, money cannot be withdrawn from an irrevocable trust by the grantor or beneficiaries unless specific provisions allow for it. The assets placed in an irrevocable trust are meant to be managed according to the terms of the trust document, often for the benefit of the beneficiaries over time. However, trustees may have the discretion to distribute funds to beneficiaries based on the trust's guidelines. It's essential to consult the trust document and possibly a legal advisor for specific circumstances.
Can a trustee change the financial make up of the irrevocable generation skipping trust for the benefit of only one beneficiaries?
The trustee has only the power that is set forth in the trust document. You should review the trust document to determine if that specific power was granted to the trustee.
Can an estate gift money to beneficiaries?
Yes, an estate can gift money to beneficiaries through a will or trust as part of the distribution of assets after the owner's death.
What is a spray trust?
A "spray trust" or "sprinkle trust" is created when the settlor gives the trustee discretion to pay income out of the trust to any of the beneficiaries of the trust as their needs appear. Thus the trustee has discretion to "spray" the income among the various beneficiaries. The trustee has a fiduciary duty to inquire as the the beneficiaries finances to assure the trustee's standard of living can be maintained.
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.
Can changes be made to beneficiaries in a revocable trust that was originally prepared by an attorney?
Changes can be made to beneficiaries in a revocable trust that was originally prepared by an attorney. In a revocable trust, you can legally change the terms and end the trust at anytime before death.
Do the beneficiaries of a trust have a say as to what happens in the trust?
That will depend on how the trust is written. In most cases the beneficiaries have no say in how the trust is distributed.
Can someone sue the beneficiary of a living trust for assets owned by the trust?
No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.No. In the case of a properly drafted trust the trust property is excluded from the estate of the beneficiaries and is not available to their creditors. That is one of the main purposes of a trust.
How can you find out who is a beneficiary and the share entitled to in a living trust?
That's a difficult situation. You would need to ask the grantor of the trust if you can review a copy of their trust. It is a private document and they may not want to share it with you. If you think you are a beneficiary and are not receiving income you may be able to petition a court of equity to examine the trust document. If you are very serious about wanting to know more you should consult with an attorney.
What happens when a trust has 100 beneficiaries?
The trust gets divided into 100 equal parts and given to the beneficiaries.
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.
Is there a simple way to to change a trustee of a land trust in KY if the land trust gives authority to the beneficiaries and I am the only beneficiary?
You must look to the trust document to determine how you make a change in the trustee. You must follow the provisions in the trust.
What is needed to prepare a living trust?
To prepare a living trust, you will need to gather information on your assets and decide who will be the beneficiaries and trustees. You will also need to draft a trust document that outlines the terms and conditions of the trust. Finally, the trust document must be signed and notarized to make it legally binding.
How does an executor of a living trust get paid?
An executor of a living trust, often referred to as a trustee, is typically compensated through a fee outlined in the trust documents. This fee can be a percentage of the trust's assets, an hourly rate, or a flat fee, depending on the trust's terms. If the trust does not specify compensation, the trustee may negotiate payment with the beneficiaries or follow state laws regarding reasonable compensation for trustees. It's important for the trustee to maintain transparency with beneficiaries regarding their fees.
Can you have more than one living trust?
Yes. A person can have any number of trusts for various purposes and for various beneficiaries.
