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The term "incentive trust" is sometimes used to distinguish trusts that provide fixed conditions for access to trust funds from discretionary trusts that leave such decisions up to the trustee. Inter vivos trust (or 'living trust'): A settlor who is living at the time the trust is established creates an inter vivos trust.
Revocable living trusts were often touted and marketed as valuable solely because of their ability to "avoid probate" and the costs and complications that surrounded it. Although probate avoidance is certainly a consideration in the use of a "living trust", there are many other estate planning techniques which also "avoid" probate.
However, a trustee may act otherwise than in accordance with the terms of the trust if all beneficiaries, being sui juris and together absolutely entitled, direct the trustee to do so (or so consent). If any question arises as to the constriction of the provisions of the trust, the trustee must approach the court for determination of the question.
A living trust is a legal arrangement in which you put assets into a trust and specify how you want them distributed after you pass away. On the other end, the probate process is sometimes known ...
Living trusts dictate the distribution of someone's assets, and are created while that person, called the grantor, is still alive. The distribution can happen after death or before, depending on ...
Deciding the best way to leave money to a heir can be complicated. When the choice is between naming someone as a beneficiary of an account or putting the account into a living trust, the trust ...
The increased use of trusts in estate planning during the latter half of the 20th century highlighted inconsistencies in how trust law was governed across the United States. In 1993, recognizing the need for a more uniform approach, the Uniform Law Commission (ULC) appointed a study committee chaired by Justice Maurice A. Hartnett III of the ...
Living trusts are a fundamental pillar of estate planning. But they need to be dynamic, adapting to your evolving needs and circumstances. ... If you want to amend a living trust in California ...
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