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A trust is a legal arrangement in which one person, called a grantor, transfers the management of assets to someone else. That someone else is called a trustee .
Continue reading → The post How to Remove Someone from a Life Estate appeared first on SmartAsset Blog. Life estates can provide effective means to create joint ownership of property, avoid ...
Strictly speaking, the Grantor of a trust is merely the person creating the trust, [12] usually by executing a trust agreement which details the terms and conditions of the trust. Such a trust can be revocable or irrevocable. A revocable trust is one in which the settlor retains the ability to alter, change or even revoke the trust at any time ...
A remainderman is a person who inherits or is entitled to inherit property upon the termination of the estate of the former owner. [1] Usually, this occurs due to the death or termination of the former owner's life estate, but this can also occur due to a specific notation in a trust passing ownership from one person to another.
In the law of inheritance, wills and trusts, a disclaimer of interest (also called a renunciation) is an attempt by a person to renounce their legal right to benefit from an inheritance (either under a will or through intestacy) or through a trust. "If a trustee disclaims an interest in property that otherwise would have become trust property ...
Continue reading → The post How to Remove Someone from a Life Estate appeared first on SmartAsset Blog. Life estates can provide effective means to create joint ownership of property, avoid ...
And you can make changes to that trust at any time so that if your child divorces right before you pass away, you can simply remove their ex-spouse as a trust beneficiary. 6. Accounts that don't ...
the income from property transferred is paid to one person, "the life tenant" (e.g. a widow/er), during their lifetime and thereafter is transferred to another person (who may take absolutely or a second life interest according to the terms of the trust, in the second case a third beneficiary would come into play).