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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.
How to properly name a revocable living trust?
To properly name a revocable living trust, use your full name as the grantor followed by the words "Revocable Living Trust" and the date it was created. For example, "John Smith Revocable Living Trust, created on January 1, 2022."
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 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.
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 a revocable trust be broken?
Yes, a revocable trust can be revoked or amended as per the wishes of the trust creator. The trust can be broken by following the specific instructions outlined in the trust document or by legally revoking it through a formal process.
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.
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.
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 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.
Are residual trusts revocable?
A revocable trust is revocable by its maker. A residual estate is the property left in an estate after specific bequests have been made. The residual estate may be transferred to a trust and that would be a testamentary trust. The maker of a testamentary trust is deceased and cannot revoke that trust. If this doesn't answer your question you must add more details on the discussion page.
