Estates

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.

Provisions of a living trust remain valid as long as you stay alive, but the benefactors of your estate are not bound by these provisions once you have died. An irrevocable trust binds the benefactors of your estate to the trust's provisions.

Yes. The settlor ordinarily reserves the right in the trust document to amend or revoke the trust at any time during his or her lifetime. This enables the settlor to revise the trust (or even terminate the trust) to take into account any change of circumstances such as marriage, divorce, death, disability or even a change of mind. It also gives the settlor the peace of mind that he can undo what he has done.

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You can search online resources such as legal websites, government websites, or financial planning sites to learn more about revocable trust. Additionally, consulting with a qualified estate planning attorney or financial advisor would be beneficial to get personalized guidance on setting up a revocable trust.

A trust is a document describing what you want to be done with the property you hold in the trust when you die. More information at http://www.dummies.com/how-to/content/what-is-a-trust.html

In short no, an Irrevocable Trust cant be legally revoked by either party.

In general, if you pass away without a will, the laws of intestacy in your state will determine how your property is distributed. These laws typically prioritize spouses and children, so your spouse may receive a portion of your estate. However, the exact distribution depends on state laws and other factors like children from prior relationships. It's best to consult with a legal professional for personalized advice.

There is a federal inheritance tax which is also called an estate tax. However, this tax only applies to estates that are worth more than a million dollars.

No not every estate needs one. If the size of the estate is very modest and no one will contest it because it it straightforward then the matter can be handled in probate court where the judge will finalize matter. However if the terms are extensive and can be challenged by someone then by all means get an attorney. He may save you years of legal nightmare.

Yes, you must have a living trust notarized for it to hold any legality. A living will is different but a living trust must be notarized.

To get it officialized yes, fees are relatively low in the cost of things, and serves a legal basis in case things go south.

When it comes to a revocable trust, the trust is usually used for immediate family, or people who are listed on the trust. There is no trustee so it is pretty much a cheaper option since it is straight forward process.

Generations Probatecan answer your question 5301 Madison Avenue, Sacramento, CA- (916) 679-5550

If there are any assets and debts, the estate will be probated. The assets do not have to include real property. If the individual deeded the property to another prior to his passing, the property belongs to the deed hold.

A payment time frame should have been agreed to in the settlement papers.

Yes, it will have to go thru probate. This happens at the county court offices

You should seek official legal advice, but the online consensus seems to be that the 2nd person in line to be executor becomes in charge of the estate.

Yes, this must go through probate. The only exception is if you are already a joint account holder or if she had an "in the event of death" beneficiary on the account with your name on it.

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.

As a trustee, you typically have a legal obligation to provide copies of the trust document and relevant information to the beneficiaries, including your brothers. This helps ensure transparency and accountability in the management of the trust and keeps beneficiaries informed about their rights and interests. It's important to follow the guidelines outlined in the trust document and consult with a legal expert if you have any questions about your duties as a trustee.

An irrevocable trust can be revoked or dissolved under only very limited circumstances. Essentially, the irrevocable trust must have it written into the wording of the trust and a possibility of dissolving it can only be there if the trust is functioning completely improperly or other than the way it was intended.

A revocable trust can typically be terminated before its expiration date, with the assets distributed according to the provisions outlined in the trust agreement or at the discretion of the trustee. The trustee may have the flexibility to distribute the assets as they see fit, depending on the terms specified in the trust document.

There is no single trust database; rather, each trust is under the control of the trustee, such as a bank or investment firm. The only solution is to call every financial institution your father might have been involved with.