Answers to Frequently Asked Living Trust Questions
Yes. If a CD (or any similar asset) is designated as ‘payable on death’ to the Trust, then that asset would be paid to the trust without the need to take any additional steps.
It is the responsibility of the Trustee named within the Living Trust documents to provide a full accounting of the Trust contents to the named beneficiaries. Make such a request to the Trustee.
The options to revise the terms of an existing Living Trust document are to prepare a written Trust Amendment, or to redraft the entire Trust document in total.
Yes, non-married individuals can be Grantors and Trustees in a Joint Trust they create.
If you decide to move to another house that has been deeded to your Living Trust, you, as Trustee of the Trust (which owns the real property through your original quitclaim deed), can execute a Deed selling or transferring ownership of that house to your purchaser(s). Then when you purchase a new home, you can … Read more
A few contingencies are required to determine if a home contained within a Living Trust can be transferred from the Trust to one of the Makers as part of a divorce settlement.
So long as the contract is properly written, a provision providing that the buyer will sign a Deed to avoid having the seller go through a foreclosure process to reclaim title to the property would be enforceable.
Such language indicates that the grantor is married and, as such, his spouse may have certain dower rights in the property.
Using a bank or financial institution as a Trustee is an option that some Trust donors prefer to utilize. Doing so can offer financial expertise, continuity of trusteeship, etc.
There are two considerations related to time for the execution of a Living Trust after the death of the Maker: specific time limits may not necessarily be set or dictated by state law; and the Trustee must act in good faith with regard to the terms of the Trust.