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Generally, after the trustor passes away, the trustee notifies the trust’s beneficiaries, enacts the trust’s conditions and the beneficiaries receive the assets. In addition, the grantor’s ...
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 ...
However, with an irrevocable trust, typically, the grantor cannot alter the terms of the trust without the beneficiary’s approval. But the grantor still had the authority to determine how the ...
Exactly what must be communicated depends on the nature of the property and trust; if there are multiple beneficiaries for example, this will need to be communicated. In Re Boyes, [35] Kay J came to the conclusion that communication requires allowing the trustee the chance to refuse his office; as such, it cannot be done after death. [36]
For example, a bypass trust is designed to meet the cash-flow needs of a surviving spouse, but it will transfer to the surviving spouse's beneficiaries, which are named in the trust, after his or ...
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.
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 …
A bypass trust is a long-term planning device. It is typically created as part of an A/B Living trust estate plan after the death of the first spouse to die. During life, a married couple transfers ownership of property into a trust.
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