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The death of a family member is always challenging and evokes difficult emotions for everyone involved. Unfortunately, tax problems brought on by a trust can sometimes be one of the stressors.
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Beneficiaries may seek the removal of a trustee if they believe the trustee has committed a breach of fiduciary duty.. For example, say that the beneficiaries believe the trustee is siphoning ...
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 trust beneficiaries are notified by the trustee that they have the power to withdraw some or all of the gift to the trust for a specified time period. The simultaneous acts of the grantor transferring property to the trust and the trust beneficiaries being permitted to withdraw the gift from the trust is deemed to be the same as giving the ...
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 ...
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 ...
The UTC also covers a trust created for the purpose of caring for an animal that was alive at the time of a grantor's death [100] or a trust for a non-charitable purpose but does not have an ascertainable beneficiary (such as a cemetery trust.) [101] The Code imposes several limits on such trusts.
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