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Living Trust Questions

A living trust is considered a legal process of creating an individual’s assets within a Trust during his/her lifetime, normally during the time of estate planning. These assets and properties are normally owned and ran by the Trust for the beneficiary. The trustee or beneficiary is normally the maker of the Trust. Read below where Experts have answered many questions relating to a living trust.

If three people are party to an irrevocable Living Trust with one of them being the Trustee and none of them do anything other than paying the taxes for a period of nine years, will the Trust become void? Also, can the Trustee sell the property without the consent of the others?

The Trust will exist as is irrespective of the fact that the Trustee, or others joined in the Trust, has done nothing other than paying taxes. The Trustee may sell the property only if he/she is vested with the authority to do so by the Trust.

If you wish to restrain the Trustee from selling the property, you may file a suit to have the Trustee removed for breach of fiduciary duties due to incompetence since he/she has not done anything for a period of nine years other than pay taxes. The court may appoint a successor Trustee. However, this Trustee too may have the right to sell the property if Living Trust says so.

While my spouse’s retirement documents give me spousal benefits, it has not been entered into the Living Trust. Since my spouse has lost savings and property, how can the Living Trust be annulled and how much will this cost?

Revoking a Living Trust is a simple procedure. In order to revoke the Trust, you need to be the grantor in charge of the Trust. This is typically the case with Living Trusts; however, there are exceptions where separate grantors are appointed. In such cases, where there are grantors, the grantors will have to act to revoke the Trust.

The Trustee has to follow two procedures to revoke the Trust: first the grantor must re-establish all assets listed in the Trust as the property of the individual, where the property is no longer under the Trust.

Second step involves filing of a document called Revocation of Living Trust. This document, with all the appropriate information will then need to be notarized by a public notary before the individual can file the document with the court. The Revocation of Living Trust form is free to use. It is important to ensure that all assets are changed to reflect the revocation of the Trust and appointing new beneficiaries, etc.

Finally, you may seek the assistance of the attorney who drafted the Living Trust, or another attorney in your area specializing in estate law, in case you need any specific advice.

What is the procedure to make the Living Trust document legal?

Once you have created the Living Trust document, you will need to formally sign, date, witness, and notarize the document with the public notary. This process makes the Living Trust an enforceable document.

Since a Trust cannot be empty, you may formally transfer a sum, of whatever amount, to show that the Trust is ready and functioning.

Several laws govern the actions of the Trust as well as the Trustee. Trustees are obligated to keep beneficiaries up to date and informed about the activities and administration of the Trust and of any other facts necessary to protect their interests. If you have questions regarding the law in relation to Living Trust, contact the Experts.
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