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The trust document dictates the provisions of the trust. You need to review the trust document to determine if and how successor trustees may be appointed.
The trust document dictates the provisions of the trust. You need to review the trust document to determine if and how successor trustees may be appointed.
The trust document dictates the provisions of the trust. You need to review the trust document to determine if and how successor trustees may be appointed.
The trust document dictates the provisions of the trust. You need to review the trust document to determine if and how successor trustees may be appointed.
What else can I help you with?
Can two people be the trustor of a trust?
No, typically there is only one trustor or settlor who creates the trust. Multiple individuals can be beneficiaries or trustees of a trust, but only one person establishes the trust and transfers assets into it.
Can an irrevocable trust be changed by the trustor?
In general, irrevocable trusts cannot be changed by the trustor once they are established. These trusts are designed to be permanent and the trust assets are no longer considered part of the trustor's estate. However, some irrevocable trusts may include provisions that allow for certain changes to be made under specific circumstances.
What is the difference between a Trustee and a Trustor of property?
to get a basic concept between the difference of these two, there are basically three basic individuals involved in a trust. The trustor, the Trustee, and the beneficiary. The easiest way to understand this is by illustration. Trustor-------------------->Trustee----------------------->Beneficiary gives $ or property manages $ or property receives $ or use of property As an example, Anne (trustor or donor) wants to give $100,000 to her daughter Marie (the beneficiary), but does not want her to have access all of the money at once. Therefore, she gives the money to Hillary (the trustee) and tells her to only pay her daughter Marie 10,000 per year, over the next ten years. Now there would of course be other variables within this example such as management fees the trustor would charge, as well as accrued interest since the money would be held in a trust fund, but I'm trying to give a simple answer to a simple question.
How do you find out if you are a beneficiary of a trust?
You must ask the trustor, the person who made the trust. Otherwise, you need to wait and see if you are ever notified that you are a beneficiary of a trust.You must ask the trustor, the person who made the trust. Otherwise, you need to wait and see if you are ever notified that you are a beneficiary of a trust.You must ask the trustor, the person who made the trust. Otherwise, you need to wait and see if you are ever notified that you are a beneficiary of a trust.You must ask the trustor, the person who made the trust. Otherwise, you need to wait and see if you are ever notified that you are a beneficiary of a trust.
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.
How does a successor trustee distribute the trustors personal belongings?
A successor trustee will distribute the trustor's personal belongings as dictated by the will and testament. This means that the successor trustee is bound by the same legal obligations as the original trustee.
Is it mandatory for trustee to sell principal residence?
If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.If the trustee was instructed to sell the property by the trustor- yes.
Can a trust be changed by an incompetent trust maker?
No. However, the trustor must be declared incompetent by a court.No. However, the trustor must be declared incompetent by a court.No. However, the trustor must be declared incompetent by a court.No. However, the trustor must be declared incompetent by a court.
In CA if decedent never updated living trust after second marriage which governs intestacy living trust or both Decedent has 3 adult children from first marriage How is estate distributed?
Trust property is not a probate asset and is not a part of a decedent's estate. Therefore trust property is not under the jurisdiction of the laws of intestacy. It is reasonable to assume that the trustor didn't want to 'update' the trust and wanted the trust property to go to his three children. On the other hand, if a testator has devised property TO a trust the surviving spouse may have the right to take a statutory share of the estate against the will. You have described a complicated situation and you should consult with an attorney who can review the situation, advise you of your rights under your state laws and discuss your legal options..
How do you find a public will or trust?
Probate records are public in the US. You need to check the probate records in the county where the decedent or trustor died. In some cases trusts are recorded in the land records. You can check for recorded trusts at the local land records office.
Is the banklender the trustee trustor or beneficiary?
The lender is the beneficiary. The borrower is the trustor and the third party working for the lender is the trustee.
In a Trust what is the Trustee and Trustor?
The trustor is the person who executes the trust and transfers their property to the trustee. Since a trust cannot act for itself, the trustee is the entity named by the trustor to manage the property held by the trust. The trustee holds title to the trust property.
Is an incapacitated trustor still a trustee?
A trustor and trustee are two different entities. A trustor is the entity that executes a Declaration of Trust that includes all the provisions that govern the trust. The trustee is the entity or person who is appointed to manage the trust property. There should be a provision in the trust that provides instructions for the appointment of a successor trustee.
When is an inter vivos trust funded?
During the life of the trustor.
What is the role of the trustee after person dies?
The role of the trustee after the death of the trustor must be set forth in the provisions of the trust document. Generally, the provisions provide that the remaining trust assets be distributed to the beneficiaries and the trust terminated. On the other hand, trustors who desire to maintain control even after death may provide for an ongoing trust. In any case you must review the terms of the particular trust for your answer. If the trust has no provisions to address that issue then a judge will need to decide.
How do you find out who the executor is of a revocable trust is?
A revocable trust has a trustee not an executor. If you want to know something about the trust you would need to ask the trustor. The trustor is the person who created the trust to hold title to their property.
Can two people be the trustor of a trust?
No, typically there is only one trustor or settlor who creates the trust. Multiple individuals can be beneficiaries or trustees of a trust, but only one person establishes the trust and transfers assets into it.
