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Trust law is one of the most complex areas of law. A trust attorney needs to be an expert in state and federal tax law. Trusts drafted in one state may not be valid in another state for the purposes of the trustor. Errors made by attorneys and Accountants who are not familiar with trust law are common and costly to correct. Unfortunately those errors are often discovered years later when the attorney or accountant is no longer in practice. In many cases the corrections must be made by a judge so legal costs are involved. The drafting of a trust, especially an irrevocable trust, by a non-professional is a recipe for disaster. By its nature, an irrevocable trust cannot be undone by the trustor, the trustor cannot have any control over the property whatsoever and if you are the one asking this question you have no knowledge of trust law. You need to consult with an attorney in your area who is an expert in trust law.
What else can I help you with?
Does enduring power of attorney cease at death?
Yes, upon death any power of attorney granted by that person ceases to be effective.
Does a living will require an attorney?
The living will may be drafted on standardized forms, with or without the assistance of an attorney.
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.
When was No Living Without Loving created?
No Living Without Loving was created in 1965.
Is Power Of Attorney Irrevocable?
That means it can be revoked at any time by its maker. The maker should revoke the POA in writing and deliver a copy to the attorney-in-fact and any facility where the POA has been used in the past. If it was recorded in the land records the revocation should also be recorded.
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
When was Living Without Your Love created?
Living Without Your Love was created in 1978-06.
Can an irrevocable living trust be changed after the death of a spouse by the surviving spouse?
An irrevocable living trust generally cannot be changed after the death of the person who created it, even by the surviving spouse. The terms of the trust are fixed and legally binding, and any modifications typically require the consent of all beneficiaries or a court order. However, the surviving spouse may have certain rights or powers depending on the trust's specific provisions. It's advisable to consult with an estate attorney for guidance based on the trust's terms and applicable laws.
Can the grantor sell assets listed in irrevocable living trust?
The grantor has no control over the assets in an irrevocable trust. Those assets are under the control of the trustee.
What is the difference between an irrevocable trust and a living trust?
Provisions of a living trust remain valid as long as you stay alive, but the benefactors of your estate are not bound by these provisions once you have died. An irrevocable trust binds the benefactors of your estate to the trust's provisions.
Can a wife of 46 yrs get ambulance and ER reports on deceased husband without power of attorney?
A power of attorney represents a living person. After their death, the estate executor would have the right. Consult an attorney in your state.
Can the adult child be the power of attorney without a will by the deceaesed?
A power of attorney is only used to represent a living person. After death, they would apply to the court to be appointed executor of the estate.
