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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 ...
For example, say that the beneficiaries believe the trustee is siphoning assets away from the trust for their own benefit. They could initiate a court proceeding to have the trustee removed and ...
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.
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 ...
“When the account holder passes away, the beneficiary must provide evidence to the bank of the account holder’s death, namely a death certificate, and then the bank will distribute the ...
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).