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The death of a family member is always challenging and evokes difficult emotions for everyone involved. Unfortunately, tax problems brought on by a trust can sometimes be one of the stressors.
After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust. If assets (especially higher value assets and real estate) remain outside of a trust, then a probate proceeding may be necessary to transfer the asset to the trust upon the death of the testator.
Beneficiaries may seek the removal of a trustee if they believe the trustee has committed a breach of fiduciary duty.. For example, say that the beneficiaries believe the trustee is siphoning ...
The disclaimer must be in writing and submitted to the court overseeing the disposition of the estate within a legally specified time period, which is usually nine months after the death of the person from whom the disclaiming party stands to inherit, or twelve months after the creation of a trust by a living person.
If you leave a trust to a loved one, it's probably because you want to ensure that they are taken care of after you are gone. But that very act may cause you to wonder how long can a trust …
the beneficiary(s), who will receive the benefits of the trust; Although not a party to the trust itself, the probate court is a necessary component of the trust's activity. It oversees the trustee's handling of the trust. A testamentary trust is a legal arrangement created as specified in a person's will, and is occasioned by the death of that ...