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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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Recent Living Trust Questions

  • My husband died and we had no living trust nor will. We own

    My husband died and we had no living trust nor will. We own a house together but there is a personal loan attached to the house only in his name. I need a court order appointing me as executur of estate. How do I go about this?
  • Hi Richard. I have a similar question as the one I saw you

    Hi Richard. I have a similar question as the one I saw you answered here:
    http://www.justanswer.com/estate-law/6w79n-sole-beneficiary-small-trust-does-trustee.html
    I live in Illinois. So did my mother.
    Mother died years ago (2006). She didn't trust me with money so she had a living trust. when she died, My brother became trustee. We sold her house and he did indeed give me half of the money. However, She had a considerable amount of stock in her name (about $60k). I constantly ask him about this stock and I get no answer. In fact, we don't even talk. He lives in colorado. After some research I am led to believe he sold this stock years ago around 2009, and never gave me my half. I know this because I called the holding company of the shares and they told me it was transferred to his name back then. Not sure if he cashed it or held it. He was required to create a seperate trust under my name and put half of all remaining assets in that trust, and distribute it to me no less than quarterly. It also required him to give me a report quarterly of what was in the trust but he never did so. He never even created this trust under my name.
    It says something in her will like, "if trustee refuses to act, the next trustee in line can be appointed". The next trustee is our accountant, and he is an honest man. But I'm afraid this money is already gone and spent. Anything I can do? I know we aren't talking about a million dollars here, but even if it's $15k, I could really use the money, and he knows that.
  • My stepfather has passed away, he has named me in legal documents

    My stepfather has passed away, he has named me in legal documents created in 2007 and amended in 2011 at the Personal Representative in His Final Will and his Trustee in his revocable living trust. The estate has a total estimated worth of $300,000.00 minus any outstanding debt still to be determined. These documents were drawn in effort to allow me to close his estate without probate since I live 130 miles away and will need to act remotely most of the time. Now, my exact question is - how do I advertise to any creditors of my stepfathers death for purposes of statute of limitation of claimants. Is there specific forms to fill out? and where should this adverstisement be made.
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