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Why would one work with a revocable trust?
Revocable trust includes many advantages. Revocable Trust's main advantage is the agreement provides flexibility and income to the living grantor.
Can you change power of attorney in a revocable trust?
The answer depends on the details. You should review the document that created the POA for language regarding the powers of the trustee and the trust document for language regarding amendments to the trust. An attorney in fact under a POA acts on behalf of the principal. They may or may not have the authority to change the term os the trust. You should consult with an attorney who can review the POA and the trust document and explain your options especially if you suspect the AIF of self dealing.
Can changes be made to beneficiaries in a revocable trust that was originally prepared by an attorney?
Changes can be made to beneficiaries in a revocable trust that was originally prepared by an attorney. In a revocable trust, you can legally change the terms and end the trust at anytime before death.
Is a residuary trust revocable or non revocable?
A residuary trust is set forth in a Will and is non-revocable after the death of the testator. It can be amended or revoked while the testator is still living.
can a revocable trust be terminated before it's expiration date and devided however the trustee wants or does it have to be divided equally shares?
A revocable trust is just that - revocable. If you are the creator of the trust, you can revoke it and change ownership of property.
Can the surviving spouse dissolve a revocable living trust for the purpose of disinheriting a beneficiary?
Yes, a survivor can dissolve a revocable living trust
Difference between a Revocable Living Trust and Dynasty Trust.?
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.
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.
What does the Revocable Living Trust provide?
A revocable living trust is very similar to a living will. The owner of money or property can determine what happens to their estate after their death.
Can the designated agent for the trustortrustee who has durable POA convert the TT's revocable trust into an irrevocable one for the financial safety of the TT?
You would have to read the language of the power of attorney to determine whether that power is granted in the document. If so, then yes.
Where can I search to learn about revocable trust?
Revocable trust is the process where you send your assets to someone you trust in order to have tax breaks when someone inherits an estate. ehow.com has some good briefings on the subject.
How do you change the conditions of a trust?
If the trust is revocable, by an amendment signed by the grantor and trustee. Texas: If the trust is not revocable, a court proceeding is necessary. You must prove that because of unforseen circumstances, the purposes of the trust cannot be met by compliance with the trust terms.
