If property is not properly transferred to a Living Trust (known as “funding” the trust), then the property must be administrated by a probate court in order to be property distributed to the heirs.
Living Trust Questions
Answers to Frequently Asked Living Trust Questions
How Do I Obtain Detailed Information About a Family Trust After the Death of a Parent?
Information regarding a Trust typically can be obtained from the person named as Trustee — but the Trust document may prevent disclosure of the terms of the Trust if the person making the inquiry is not a named beneficiary.
Can a Soon-to-be-Ex-Spouse Gain Access to Assets in a Trust in Which I Am a Beneficiary?
Generally, if a Trust is a Revocable Trust and the grantor(s) is (are) still alive, then the property in the Trust (i.e., owned by the Trust) remains Trust property until the stated action within the Trust calls for distribution.
Can a Last Will Dictate How Distributed Money from an Estate is to be Used by a Beneficiary?
Typically, a Last Will and Testament cannot be used to control the future use of an asset (including cash) once it has been distributed.
Usually, a Will can only designate the amount (or percentage) of the estate and name the beneficiary or beneficiaries.
What Process Must Be Followed for Grantors to Sell Real Estate in a Trust?
The terms contained within the Living Trust document should be reviewed carefully to ensure any asset sales processes outlined within are followed.
After that, the process for selling real estate from a Trust is fairly straight-forward.
How Do Beneficiaries Change the Deed of a Property Intended for a Trust That Was Not Transferred Before Our Father’s Death?
A property ‘intended’ to be included in a Living Trust cannot be considered part of the Trust. Instead, a probate case may need to be open so that the probate court can issue an order transferring title to the property per state law.
Through a Will or Trust After My Death, Can I Designate Custody of My Child to Someone Besides My Ex-Spouse?
Theoretically yes, one could use estate planning documents to designate child custody to someone besides a biological parent.
But the other parent certainly could contest guardianship after the death of the Will/Trust-creating parent, even if sole custody was granted in a divorce — regardless of the stated instructions in those documents.
In a Last Will and Testament or Similar Legal Documents, Must I Designate Bloodline Children Differently from a Step Child?
For clarity purposes, when listing blood-related children and step-children within a Last Will and Testament, Living Will or Living Trust, it is suggested that all children be specifically listed in the document by name and then referred to as “my children”. No designation past that is required.
What is the Process to Change the Beneficiaries Within a Living Trust?
Generally, a written amendment can be made to a Trust while the Donor(s) are alive to revise the beneficiaries or the distributions to those beneficiaries. But if the Donor(s) have passed away, that option no longer exists.
Can a Living Trust Use a Land Contract to Sell Property It Holds?
Yes, a Living Trust can use a land contract to sell a property held in its name. The Land Contract simply needs to be completed correctly for a Trust.