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The powers of a trustee and the distribution of assets are set forth in the document that created the trust. For a testamentary trust the will would have to be presented to a court for allowance and an executor would be appointed by the court. If the trust is set forth in the will the court will then review and approve the trusteeship and appoint the named trustee once the estate has been settled. The executor would have collected the assets and they would be transferred to the custody of the trustee after the debts of the estate have been paid and according to the terms of the will. You should retain a probate attorney to supervise the estate.
What else can I help you with?
How long can a trustee keep a case open?
A trustee can keep a case open anywhere from several months to several years if they discover assets. They are allowed time to collect the assets and then sell them. After that, they will notify and distribute the money to the creditors.
What happens to the assets in a trust in the event of the death of the holder?
When the holder of a trust dies, the assets in the trust are typically distributed according to the instructions outlined in the trust document. This may involve transferring the assets to beneficiaries or managing them in a specific way as specified by the trust.
Does a trust protect personal assets?
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.
Can you use a living trust as an asset?
Does the trust have assets in it?
How are assets distributed when there is a trust?
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.
Can your sister who is the executor distribute your mom's money whenever probate is over?
Yes. As long as she has been appointed the executor by the court she has the authority to collect the assets, pay any of your mother's debts and then distribute the remaining assets as provided in the will.Yes. As long as she has been appointed the executor by the court she has the authority to collect the assets, pay any of your mother's debts and then distribute the remaining assets as provided in the will.Yes. As long as she has been appointed the executor by the court she has the authority to collect the assets, pay any of your mother's debts and then distribute the remaining assets as provided in the will.Yes. As long as she has been appointed the executor by the court she has the authority to collect the assets, pay any of your mother's debts and then distribute the remaining assets as provided in the will.
Can an executor of a will distribute assets before probate is completed?
No, an executor of a will cannot distribute assets before probate is completed.
How long can a trustee keep a case open?
A trustee can keep a case open anywhere from several months to several years if they discover assets. They are allowed time to collect the assets and then sell them. After that, they will notify and distribute the money to the creditors.
Can co-executors of an estate whose assets are Under Trust by mutual agreement break the trust and distribute the assets prior to either of them dying?
The trustees must follow the provisions of the trust. If the trust doesn't provide that option or an option for the trustees to act at their discretion then the trustees must petition the court to modify the trust. They should be prepared to explain to the court why the trust should be modified. The judge will review the matter and issue a decision.
When a man dies how long can someone collect debts from the estate?
As long as the estate has assets and is still open. The estate has to pay off the debts. If the estate doesn't have the assets to do so, they distribute as best they can. If the court approves the distribution, the debts are ended.
What is the difference between a trust and an estate?
A trust is an entity set up to maintain and distribute assets in accordance with the trust creator. There are specific laws on how a trust can be set up and run, what reporting and what taxes have to be paid. There are also laws about how long a trust can last. A will is the method used to specify how one's assets will be distributed upon death. Often a will with create a trust. Wills also are subject to specific laws and taxes.
How do you liquidate a deceased person's trust?
A trust account can be liquidated if the wording used to create the trust allows for its liquidation. The actions taken would be to sell the assets of the trust and distribute the cash to the beneficiaries of the trust. This again is only possible if the trust's creative wording allows or says it should be done. A trust is administered by a trustee appointed for its position by the will of trust or in the words used to create the trust.
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.
What does it mean that you cannot get the assets back in a revocable trust?
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.
What happens to the assets in a trust in the event of the death of the holder?
When the holder of a trust dies, the assets in the trust are typically distributed according to the instructions outlined in the trust document. This may involve transferring the assets to beneficiaries or managing them in a specific way as specified by the trust.
Does a trust protect personal assets?
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.
Can same assets be left in a will and a trust?
If the deceased's will leaves assets to a person but places them into a "trust" for that person, yes, they can.
