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Can a trustee sell assets in a irrevocable trust when the decease owns 99 percent of the property named in the trust?
You must review the terms of the trust to determine the powers of the trustee. If you still have questions then you need to consult an attorney who specializes in trust law.On one point you seem to be confused. A decedent cannot be the owner of 99% of the property in a trust. The property is owned by the trust. The most common purpose of a trust is to remove property out of a person's estate (the grantor) so that the property bypasses probate.Once a person transfers her property to a trust, it is managed by a trustee according to the terms of the trust. A properly drafted trust has provisions that direct the distribution of property after the death of the grantor.
What is a residual trust?
A residual trust is known as the A-B trust. It its set up to handle someones estate and allow for part of it to be used for the spouse.
What does a surviving spouse have to do to remove the other spouse from a trust?
You cannot be the surviving spouse of a trust. A trust is a legal arrangement set up to hold title to property. Any trust is managed by the provisions set forth in the document that created the trust. You need to review that document. If no one has a copy then you may need to get a court order to make changes.
Can the property listed in the irrevocable trust be sold?
Yes, property held in an irrevocable trust can be sold, but the process typically requires the approval of the trustee and adherence to the terms of the trust document. The proceeds from the sale would then be managed according to the trust's stipulations. It's essential to consult with a legal or financial advisor to ensure compliance with all relevant laws and trust provisions.
In what year did Hersha Hospitality Trust - HT - have its IPO?
Hersha Hospitality Trust (HT)had its IPO in 1999.
How do you liquidate a deceased person's trust?
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.
Is both principal and interest paid out of a trust fund?
That depends entirely on the wording of the trust. It can be done either way.
Can you leave a trust fund to someone if you haven't inherited it yet?
Unlikely. Any assets would revert back to the trust. It would depend on the trust wording.
What happens if the beneficiary of a california living trust dies before the estate is settled?
There is a disconnect here. A living trust is not related to an estate. The wording of the trust and perhaps the will associated with the individual will determine what the expectations are.
Based on New York state law can an irrevocable trust have co trustees or is only one trustee permitted?
There can be two trustees, depends on the wording of the trust.
If a bank was the trustee for the trust holder but the bank has been bought out twice. How do you find out who the trustee is now for the trust holder's beneficiaries?
Typically the trustee is the successor bank, but it does depend on wording in the trust as well as potentially state and/or federal banking laws.
How long is a Will in effect after the death?
Until the estate is settled and closed. It can also depend upon the wording of the will, which could create a trust that is active for decades.
What is the wording for quit claim deed for living trust?
The grantee should be recited as, " . . . to William Edward as trustee of the Eagle's Nest Revocable Trust as set forth in a Declaration of Trust Dated November 11, 2008". See also the related question below.
What is a precatory trust?
An oxymoron. A precatory trust isn't a real trust at all. Precatory trusts are more a name that a real type of trust category. These trusts are created by the use of precatory words (I wish, hope, desire, trust). The lack of mandatory wording (you will, must, etc) means no trust is really created. Thus, isn't enforceable at law or equity.
What is the wording for a quit claim deed from a husband and wife to their living trust specifically the grantee line?
The entry should be, ie, "Mr. John and Mary Smth, as trustees of the John and Mary Smith Living Trust."
What is a sentence for wording?
The wording of your sentence must be clear.
Can a wife claim a share in the trust of her husband set by his parents before the marriage?
Without knowing the specific wording of the trust document, it is impossible to answer this question. If there is a clause, or clauses that refer to, future spouses, or "heirs and assigns" she might be.
