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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]
Trustees play a vital role in the management and direction of revocable trusts. However, sometimes trustees need to be removed and replaced. While some trusts can be easily amended to change ...
While revocable trusts offer flexibility as they can be changed or revoked by the trustor, they won’t protect assets from Medicaid. Irrevocable trusts, like Medicaid asset protection trusts ...
Irrevocable trust: In contrast to a revocable trust, an irrevocable trust is one in which the terms of the trust cannot be amended or revised until the terms or purposes of the trust have been completed. Although in rare cases, a court may change the terms of the trust due to unexpected changes in circumstances that make the trust uneconomical ...
Normal wills can be altered or revoked; when one signatory to a mutual will dies, the will irrevocably binds the other signatories. This is dependent on several things. Firstly, there must be evidence of a contract between the signatories demonstrating that each would make a will in a certain form, and neither would revoke it, as in Walters v ...
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.
In the law of contracts, revocation is a type of remedy for buyers when the buyer accepts a nonconforming good from the seller. [1] Upon receiving the nonconforming good, the buyer may choose to accept it despite the nonconformity, reject it (although this may not be allowed under the perfect tender rule and whether the Seller still has time to cure), or revoke their acceptance.
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:
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