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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 ...
Generally, after the trustor passes away, the trustee notifies the trust’s beneficiaries, enacts the trust’s conditions and the beneficiaries receive the assets. In addition, the grantor’s ...
For example, a bypass trust is designed to meet the cash-flow needs of a surviving spouse, but it will transfer to the surviving spouse's beneficiaries, which are named in the trust, after his or ...
If a contingent beneficiary is not named, the default provision in the contract or custodian-agreement applies. Death: For retirement plan assets, at the account owner's death, the primary beneficiary may select his or her own beneficiaries if the remaining balance will be paid out over time. There is no obligation to retain the contingent ...
Exactly what must be communicated depends on the nature of the property and trust; if there are multiple beneficiaries for example, this will need to be communicated. In Re Boyes, [35] Kay J came to the conclusion that communication requires allowing the trustee the chance to refuse his office; as such, it cannot be done after death. [36]
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 ...
A trust beneficiary is an individual or entity who benefits from the trust. ... The trustee is obligated to follow your directions to the letter because they have a fiduciary duty to do so ...
The disclaimer must be in writing and submitted to the court overseeing the disposition of the estate within a legally specified time period, which is usually nine months after the death of the person from whom the disclaiming party stands to inherit, or twelve months after the creation of a trust by a living person.