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Grantor (the trust creator) can be a trustee: The grantor can act as a trustee during their lifetime, and is not forced to relinquish control of the assets placed in the trust. Cons
A trust may be created by: (1) transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death; (2) declaration by the owner of property that the owner holds identifiable property as trustee; or (3) exercise of a power of appointment in favor of a trustee. [76]
An owner placing property into trust turns over part of their bundle of rights to the trustee, separating the property's legal ownership and control from its equitable ownership and benefits. This may be done for tax reasons or to control the property and its benefits if the settlor is absent, incapacitated , or deceased.
A resulting trust is an implied trust that comes into existence by operation of law, where property is transferred to someone who pays nothing for it; and then is implied to hold the property for the benefit of another person. The trust property is said to "result" or revert to the transferor (as an implied settlor).
Whereas an ordinary trust has just one trustee, a joint trust has multiple co-trustees. This is a common choice for married couples, especially when the plan is for the surviving spouse to receive ...
The 60-day rollover rule is one of the many traps that lie in wait for investors rolling over a retirement account such as a 401(k) or IRA. You have to follow the rules exactly, or you could end ...
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.
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