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Yes. The property must be transferred by the owner to the trustee of the trust.
Yes. The property must be transferred by the owner to the trustee of the trust.
Yes. The property must be transferred by the owner to the trustee of the trust.
Yes. The property must be transferred by the owner to the trustee of the trust.
What else can I help you with?
Does the settlor own the property in a trust?
No. The property is owned by the trust and managed for the trust by the trustee.
Is a settlor of the trust the same as a grantor?
Yes. Several terms are used to describe the person who transfers their property to a trust: trustor, settlor, grantor.
Can a settlor transfer property to trustee for the settlor and trustee?
Your question is assumed to be the following: May Sheila transfer her property to Judith as the trustee for the benefit of Sheila and Judith. Generally, the answer is yes but trust law is extremely complex and varies from state to state. If you transfer real property to your trust that is situated in another state than where you live, the trust must meet the requirements of THAT state. Trusts should always be drafted by an attorney who is an expert in trust law.
Is there a settlor in an irrevocable trust?
if a settlor of an irrevocable trust feels that he was not properly informed by his attorney of all the restrictions what can he do
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.
Can you modify a revocable trust?
A revocable trust can be changed or modified prior to the Settlor's (a settlor is the person who opened the trust, in this case your aunt) death. Only the Settlor can change or terminate the trust, and after the death, the trust cannot be changed. If the trust was made with a spouse who has passed away, it may not be possible for the trust to be changed.
Is a settlor also a trustee?
A settlor is not the same as a trustee. The settlor creates the trust by transferring assets into it, while the trustee manages and administers the trust for the benefit of the beneficiaries. In some cases, the settlor can also be a trustee, but they are distinct roles with different responsibilities.
Who should the trustee make distributions to when trust says distributions must be made to the settlor's kids during the settlor's wife lifetime but wife is dead and trust is silent as how to proceed?
The trustee has only the power to carry out the provisions set forth in the trust. If the trust was poorly drafted you need to petition a court to make a disposition of the trust property.
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.
Who declares in a trust if the settlor has disability?
If the settlor doesn't have the legal capacity to declare a trust then she/he doesn't have the capacity to transfer their property to the trust. Trust law is one of the most complex areas of law and the rules vary from state to state. Errors made in the drafting of a trust can be very costly to correct if they can be corrected at all. You should consult with an attorney who is an expert in trust law and who has a good reputation.
Can there be more than one settlor of a trust?
Yes, a trust can have more than one settlor. Multiple individuals can create a trust together by contributing assets and agreeing to the terms and purpose of the trust.
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.
