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Living Trust Laws

A living trust is a legal document, similar to a will, which is created when an individual is still alive. This document details how the individuals’ assets are to be divided among their dependents and heirs after they pass away. However, it comes into effect only after the individual is no more and the will has been proven valid. It is important to understand the different aspects of a living trust if an individual wants to create a living trust or is a beneficiary of one. Given below are common questions about living trusts answered by the Experts.

How are the assets of a living trust distributed after the death of the creator?

Once the creator of a living trust dies, the executor of the trust may be responsible for distributing the assets of the trust. They may first pay off any bills and expenses that may be pending from the trust assets. The trustee may also be given a reasonable amount as a compensation for managing and administering the trust. Once the bills and trustee are paid, the creditors, if any, of the owner of the trust may be paid off. If there are any specific gifts mentioned in the trust, the executor may have to distribute these gifts according to the instructions given in the trust. If there is any real estate attached to the trust, the trustee may have to make new deeds in the name of the beneficiary by signing on behalf of the trust.

Can an executor of a living trust take decisions on their own regarding the trust?

An executor of a living trust may have no say in the administration and decisions of the trust unless there is a clause in the trust that allows them to take decisions for the trust. Most of the decisions of the trust may be taken by the trustee who has control over the assets.

Can a living trust created in Idaho hold real estate from other parts of the U.S.?

A living trust that is created in Idaho may hold real estate from any other part of the U.S. The signatures of the creators of the trust may be required along with the notary’s signature for this purpose.

Can an irrevocable living trust be changed to a revocable living trust?

It may not be possible to change an irrevocable living trust to a revocable living trust. However, it may be possible to dissolve the irrevocable living trust. If all the beneficiaries and trustees of the trust agree to dissolve it, they may present evidence in court that the trust is no longer needed and request the court to dissolve it.

Would an individual who has a living trust require a will as well?

In most situations, an individual who has a living trust may have a spillover will. The spillover will may take care of all the things that the individual may not have attached to their trust. However, if the trust is created correctly and the individual has added all of their assets to the trust, they may not need a spillover will.

Can the beneficiary of a living trust sue the trustee for more money?

A beneficiary of a living trust may sue the trustee of the trust in a probate court for more money. The statute of limitations for doing so is 3 to 4 years depending on the individual’s situation.

It is important for you to understand what a living trust is and what the different laws that govern it are if you want to set up a living trust. While the questions above may have answered some of your doubts with regard to this topic, you may have other queries that are related to your own case. If you cannot find information easily, turn to Experts who can offer professional insights to help you approach your case in the best possible way.
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