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A trust account can be liquidated if the wording used to create the trust allows for its liquidation. The actions taken would be to sell the assets of the trust and distribute the cash to the beneficiaries of the trust. This again is only possible if the trust's creative wording allows or says it should be done. A trust is administered by a trustee appointed for its position by the will of trust or in the words used to create the trust.
What else can I help you with?
How can you find information on a persons living trust?
If the person is deceased, you can contact the trustee if you know who the trustee is.
How do you pay a deceased persons bills if they have no estate?
You don't. You open the estate, collect all the debts, liquidate all the assets and pay what you can. If there are more debts than assets, people don't get all their money back.
Can a testamentary trust be revocable?
No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.
Why notify dept of motor vehicles when someone dies?
Because the deceased is no longer the registered owner of the car. The car will be included in that persons 'estate' for purposes of executing the will or trust.
Who gets deceased persons pension?
death
How do you check a deceased persons will?
Wake them up and ask them!
How do I claim my deceased daughters assetts?
Apply to the executor of the estate. If there was no will, you would open the estate with the court, and you could ask to be the executor. You will also have to liquidate all of her debts.
Do you have a right to have copy of deceased dads living trust?
No
Do you have to be alive to take a DNA test?
No, DNA can be taken from deceased persons.
Can Irrevocable trusts be modified when there is no longer any source of income but considerable annual expense?
Depending upon the state and the trust rules, when the expenses of maintaining a trust exceed its value, they can liquidate the estate. Check with a trust attorney in your state.
Why aren't deceased persons allowed to marry?
Marriage is a contract. A deceased person does not have the legal capacity to willingly enter into any contracts.
Can same assets be left in a will and a trust?
If the deceased's will leaves assets to a person but places them into a "trust" for that person, yes, they can.
