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Only who can revoke a revocable trust?
The person who created the revocable trust, known as the settlor or grantor, holds the power to revoke the trust during their lifetime. Once the settlor passes away, the trust becomes irrevocable and the terms cannot be changed.
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.
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.
If the grantor and the trustee are the same person in an irrevocable trust can they revoke any or part of that trust from the beneficuary?
In short no, an Irrevocable Trust cant be legally revoked by either party.
Who is the trustee of an irrevokable trust?
The trustee of an irrevocable trust is the individual or institution appointed to manage the trust's assets and carry out the terms set forth in the trust document. This person or entity has a fiduciary duty to act in the best interests of the trust's beneficiaries, ensuring compliance with the trust's provisions and applicable laws. Unlike revocable trusts, the terms of an irrevocable trust cannot be altered or revoked by the grantor once established, which places significant responsibility on the trustee.
Is the Settler of a Revocable Living Trust the person whos name appears on the Trust?
The settler is the person who creates the trust and transfers their property to the trust. More common terms are grantor and trustor.
Are you an executor to a will for ever?
Depends on the case. In the irrevocable trust or a trust after the person dies neither are revocable. If the executor doesnt act properly they can be removed by a judge. Once all of the funds are giving out of the will there is no longer a executor.
Can the Grantor and Trustee be the same person?
Yes, the Grantor and Trustee can be the same person, especially in revocable living trusts. In this arrangement, the Grantor creates the trust and also manages it as the Trustee, retaining control over the assets. However, it's important to consider the implications for estate planning and potential complications during incapacity or death. Consulting a legal professional is advisable to ensure proper structure and compliance with relevant laws.
How do you cancel a revocable trust?
To cancel a revocable trust, the grantor (the person who created the trust) must follow the procedures outlined in the trust document. Typically, this involves formally revoking the trust in writing and signing the revocation in accordance with state law. Additionally, it's essential to notify any beneficiaries and transfer any assets back to the grantor's name. Consulting with an attorney may also be advisable to ensure all legal requirements are met.
When does a revocable trust become an irrevocable trust?
There are all kinds of trusts and no single answer. Briefly: A revocable trust can be revoked by the maker (grantor or trustor) during their life. Most trusts automatically convert to an irrevocable trust upon the grantor's death when used in place of a will to transfer property to heirs. Testamentary trusts set forth in a Will are irrevocable after the death of the testator. The provisions can be changed during the life of the testator but cannot be changed after the testator has died. A living person can also create an irrevocable trust. What makes a trust irrevocable is that provisions cannot be amended by the grantor and the grantor cannot revoke the trust and regain possession of or control of the trust property. Anyone contemplating a trust should consult with an attorney who specializes in trust law and who has a good reputation. Trust law is one of the most complex areas of law and is entertwined with tax law.
If there are determining lives for the length of an irrevocable trust do the person or persons have any say as to whether they can be chosen as determining lives?
The question is VERY unclear - but I'll try my best to answer it they way I understand it. The person granting the irrevocable trust makes the determination as to who they wish included in it. You could express your wishes to the grantor as to your preference, but really have no final say in the matter.
In the event of a divorce how do you remove a person from the revocable trust Do you have to tell that person?
A revocable trust can be alter any time and as many times as the Grantor wishes, during his lifetime. That would include changing the names of beneficiaries. Contact the person who created the trust for you and make the changes. You are not obligated to tell your X anything. Just remember that you need to resolve property settlement issues, as you can't claim your X's portion as part of your estate.
