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Can filing bankruptcy affect a living trust?
Yes. If the trust is not a true trust (i.e., the settlor, trustee and beneficiary are all the same person) or if the trust is revocable, the trustee can pursue the trust assets. If the debtor is the beneficiary of a living trust and can or has gotten a distribution of some of the trust assets, the trustee may be able go after the assets to the same extent the debtor is eligible to receive a distribution. It may be possible to negotiate a settlement of less than the full amount of the assets with the trustee.
Difference between a Revocable Living Trust and Dynasty Trust.?
In both a revocable living trust and dynasty trust, the trust assets are managed by a trustee separate and apart from your personal assets. The primary difference is that a revocable trust can be modified or even revoked by you during your lifetime. Once a dynasty trust is created it cannot be revoked or modified by the settlor of the trust.
Can a person make their own revocable living trust?
Yes, a person can create their own revocable living trust. They can use estate planning software or online services to draft the trust document, ensure it follows state laws, transfer assets into the trust, and appoint a trustee to manage the assets. It's advisable to consult with a legal professional to ensure the trust is properly structured and meets the individual's specific needs and goals.
What needs to be done when both parents are deceased and they had a revocable living trust how do you take care of it and do you need to get a tax ID to start and account?
When both parents are deceased and they had a revocable living trust, the successor trustee named in the trust document should step in to manage the trust's assets according to its terms. The trustee may need to obtain a tax ID number (Employer Identification Number, or EIN) for the trust if it will continue to hold assets or generate income after the parents' death. It's advisable to consult with an estate attorney to ensure proper administration of the trust and to address any tax obligations.
When a revocable living trust becomes irrevocable at death can the sucessor trustees be changed by the current trustee?
Yes, if that power was granted in the trust instrument.
After a revocable living trust has been established can additional property be transferred to it?
Yes. If the trust was properly drafted property can be transferred in and out of the trust by the trustee.
Can a sole trustee which is also the grantor of a revocable living trust assign power of attorney for the execution of trustee powers?
of course because it is by law i think you need to check with a lawyer or sociologist or a social worker.
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.
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.
Does a pour over will into a revocable living trust ever have to be probated?
No, assets held in a revocable living trust typically do not have to go through the probate process. When the individual passes away, the assets in the trust can be distributed according to the terms of the trust document without the need for probate.
Do you capitalize the word trust when referring to a revocable living trust in the general sense?
No. You only need to capitalize the word "trust" or "trustees" when you are referring to the specific trust. For example: As referenced in the John Doe Revocable Living Trust. John Doe, as Trustee for the John Doe Revocable Living Trust. However, if you are simply refering to the trust, you do not need to capitalize the word trust. The above-mentioned trust contains limited authority for the trustees.
