0
What else can I help you with?
What is an example of a revocable trust?
The following are some examples of revocable trust; Simple declaration of trust 1, which contains the type of provisions also found in revocable living for a single parent with adult child or children. It is a kind of trust where the grantor is also the only trustee. The second example is Simple Trust agreement 1 where someone other than the grantor is serving as trustee.
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 enter a deed into a revocable trust?
You will need a Warranty or Quit claim deed. I strongly recommend that the deed be prepared by an attorney or escrow agent. The deed will list you as a grantor and the Trustee of the revocable as the grantee. You must sign the deed and follow through with any requirements to complete the transaction. If you fail to complete this procedure, you still own the property and the trust does not. This can be a disaster if the revocable trust is created by you as an estate plan. Please follow through.
Who has a copy of a revocable living trust?
The grantor (the person who created the trust) typically retains a copy of a revocable living trust, as well as the trustee (the person managing the trust). It's also common for a lawyer or financial institution involved in creating the trust to have a copy. It is important to keep the trust document in a safe place and ensure that trusted individuals know its location.
Does power of attorney end at death if there is a clause that says it remains in effect until a trustee is appointed?
Power of attorney ends at death. A revocable and irrevocable trust with a trustee and benaficiarys would continue from life thru death. This would be a better option if your trying to hold on to property.
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.
What is a Complex Non-Grantor Irrevocable Discretionary Trust?
In my experience, this would be considered, in layman's terms, a trust in which the grantor, when alive, created a discretionary trust, then the gantor died. Now, the trust is in the hands of the trustee appointed by the grantor, which makes it irrevocable. When the grantor was alive, it was revocable. Now, the complex part usually means that in any given tax period, the trust had distrubutions of principle of some sort. I hope this helps.
What is a Complex Non Grantor Irrevocable Discretionary Trust?
In my experience, this would be considered, in layman's terms, a trust in which the grantor, when alive, created a discretionary trust, then the gantor died. Now, the trust is in the hands of the trustee appointed by the grantor, which makes it irrevocable. When the grantor was alive, it was revocable. Now, the complex part usually means that in any given tax period, the trust had distrubutions of principle of some sort. I hope this helps.
What is the grantor of a trust?
The grantor of a trust is the owner of property who transfers that property to the trustee of the trust. The grantor no longer owns the property. Once transferred the property is owned by the trust and the trustee has the authority to manage the property according to the provisions of the trust.
Can the same person be both the beneficiary and the trustee of a revocable trust?
Yes.
Can assets be siezed if a trustee of an revocable living trust goes bankrupt?
Probably not. The trustee and the Trust are entirely different things.
Who is the Grantor in a testamentary trust?
The grantor is the person who declares the trust and then transfers property to the trustee. In a testamentary trust the decedent is the grantor. That person can also be called the testator.
