Estates

You cannot have the same person as grantor, trustee and beneficiary in any trust. There is no trust created in such a set up. The grantor in an irrevocable trust cannot be the trustee. The property in an irrevocable trust must be permanently separated from the grantor's control.

That would be up to the new owner of the property. You need to agree on a time frame for removal of personal property from the premises.

Unless the "child" is an adult there generally is no estate. If they are an adult the relative nearest to them inherits For instance, my estate would go to my mother since she is my nearest living relative.

It depends on the state that you live in and your will.

No. The estate is responsible for the decedent's debts.

However, debts must be paid before any property can be distributed. If there isn't enough money in the estate the debts must be paid in the proper order which is set by law in each state. The court appointed executor IS responsible for following the law in the settling of an estate.

If there are debts and no estate the estate is declared to be insolvent and the creditors are out of luck.

None.

A beneficiary is a person who will receive a gift from somebodies estate. A Trustee is someone who will look after the asset until the beneficiary can receive the gift. i.e If children can only inherit when they reach the age of 21. The trustees would look after the asset until they reached 21.

You need to speak with a representative at the bank that holds the CDs to review the manner by which those CDs are titled. If you hold as a joint owner with another person your interest may automatically pass to that other person upon your death. You would need to make special arrangements with the bank if you want your interest to pass to your wife.

Generally, an irrevocable trust is titled 'irrevocable' or is designated as such somewhere in the first few paragraphs.

No. The trustee has full control over the assets in the trust. In a 'blind trust' the trustee must be completely independent. If the beneficiary is the trustee then the trustee is not completely independent.

That depends on whether or not they have any children, grandchildren, siblings, or if their parents are still living. If they have children, then the children are the next of kin. If they had children and the children are deceased, yet had children of their own, then the grandchildren would be the next of kin.

If there are no grandchildren either, then the parents are next of kin. If the parents are deceased, then the siblings would be next of kin. If they have no children, grandchildren, siblings or surviving parents or grandparents, then the closest blood relatives would be their next of kin, such as aunts and uncles, cousins, etc. in that order.

An estate in severalty.

Assuming the brother who died with a will was unmarried and had no children, and assuming his beneficiary brother predeceased him, his estate would pass to the children of his siblings. If he had only one brother then his brother's children would inherit his estate.

You may need to mediate the situation to solve the problem. If the person is living in the house and has nowhere else to live, then you may have to live with the situation until the person can reasonably leave. As Suze Orman said last night in view of a similar situation--people first, then money. In time the house would become available for sale and you could get your money then.

If all assets were held by the couple as joint property with the right of survivorship then full ownership of the property passed to the father's companion when he died. The children would be entitled only to property owned by their father in his own name alone. Any such property would pass to his children under the state laws of intestacy if he died without a will.

You can always transfer ownership of land. The simplest format is a Quit Claim deed. It gives any right you have to a piece of property to the grantee.

The court can issue an attachment that will be given over to the sheriff who will then serve it upon you. The attachment will freeze any assets you own, real or personal including any bank accounts. The attachment will be followed up by an execution and the sheriff can sieze and sell any property you own to pay the debt. The court could also transfer the matter to the criminal court division for prosecution.

The trustee must sign. The trustee is the only person who has the power to sign on behalf of the trust. It is their purpose.

It can be up to 10% of the entire worth of the estate.

A living trust for the benefit of a minor can be created but the minor cannot be the trustee. (One problem is that a minor cannot sign any legal documents.) The most common mistake made by non-professionals is not creating a proper distance between the trust property and the grantor, and the trust property and the beneficiary. If the proper legal distance isn't maintained the trust property will be exposed to creditors and other claims and the very purpose of the trust will be defeated. The trustee and the beneficiary should not be the same person. Trust errors can be very costly to correct. Trust law is extremely complex and a trust should always be drafted by a professional.

When a parent dies the estate must be probated in order for title to real property to pass to the heirs legally and for the court to appoint an Executor or Administrator. Only the court appointed fiduciary will have the authority to access accounts. Until the estate is probated there is no one authorized to enter legal agreements concerning the property. You should consult with an attorney who specializes in probate.

Generally, when a person dies owning real property, title to that property passes automatically to the heirs although the estate must be probated in order for title to pass legally. As one of several heirs you have the right to the use and possession of the whole property until it is sold. The executor has been instructed to sell the property, however, the heirs still own it. You may be required to pay for the utilities you use. You should be extra careful to maintain the property in good order and not do any damage. You may want to consult with a local attorney to confirm your rights under the laws in your jurisdiction.

Can an irrevocable trust be changed or a new one created if never funded; without beneficiary consent?

Yes. That is exactly why trustees must be appointed to act for the trust. Since a trust is a legal relationship it must have a person who can act for it in the real world, including the signing of checks. However, the bank will require a certificate or affidavit confirming the person presenting the check is the trustee. It may also require a copy of the trust and any amendments.