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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 ...
A beneficiary is typically named in some type of legal document, such as a will or trust. It’s also possible to name beneficiaries for life insurance policies, retirement accounts or bank accounts.
Traditionally, letters of administration granted to a representative of a testator's estate are called "letters of administration with the will annexed" or "letters of administration cum testamento annexo" or "c.t.a.". Essentially, this document is issued to the person who will administer the estate of someone who dies without a will.
In most cases, the acting trustee (and the successor to that trustee in the event the trustee can no longer serve) is named specifically in the trust instrument. A person nominated as a trustee can decline to serve as a trustee [22] or if serving may choose to resign as a trustee upon notice to the trust's beneficiaries. [23]
The more important cases of grants of special letters of administration include the following: Administration cum testamento annexo, where the deceased has left a will but has appointed no executor to it, or the executor appointed has died or refuses to act. In this case the court will make the grant to the person, usually the residuary legatee ...
As an executor of a will, your role becomes more complicated if you’re also a beneficiary. As both the executor and beneficiary, your judgment and ability to be fair can come into question.
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
When you establish a trust, you'll need to … Continue reading → The post Can a Trustee Remove a Beneficiary From a Trust? appeared first on SmartAsset Blog. I'm a Trustee.
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