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Also, the trust's corpus can only be applied to the intended use of caring for the animal or the cemetery plot. [104] In essence, then, a court can determine that if the trust has property that exceeds the amount required for the animal's care, the court may intervene and distribute the funds to the grantor's successors in interest. [15]
The trust's founder and owner can typically dissolve a revocable trust at … Continue reading → The post How to Dissolve a Trust in 3 Steps appeared first on SmartAsset Blog.
There are different reasons why a trustee might need to remove a beneficiary from a trust. For example, removal might be necessary if the trustee:
After 24 months, creditors have no claim against assets in the trust, although they can attempt to attach the loan account, thereby forcing the trust to sell its assets. Assets can be transferred into the living trust by selling it to the trust (through a loan granted to the trust) or donating cash to it (any natural person can donate R100 000 ...
You can name a successor trustee who will have control of the trust only after you die or become unable to make financial decisions. You’ll also list beneficiaries for the trust.
The name resulting trust comes from the Latin resultare, meaning to spring back.It was defined in Re Sick and Funeral Society of St John's Sunday School, Golcar, [2] where Megarry VC stated that "A resulting trust is essentially a property concept; any property that a man does not effectually dispose of remains his own". [1]
Liquidation may either be compulsory (sometimes referred to as a creditors' liquidation or receivership following bankruptcy, which may result in the court creating a "liquidation trust"; or sometimes a court can mandate the appointment of a liquidator e.g. wind-up order in Australia) or voluntary (sometimes referred to as a shareholders ...
An individual can protect their assets from Medicaid, including their home, by placing them into a trust. Essentially, the assets become owned by the trust and not by the individual. This ...
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