While it depends completely upon the type of Trust originally created, in most instances a Trust can be altered.
Living Trust Questions
Answers to Frequently Asked Living Trust Questions
Will Placing Assets into a Trust Prevent Having a Lien Placed Against Them?
Generally, Revocable Trusts are probate avoidance tools, allowing assets transferred to the Trust to avoid the probate process on upon the death of the Donor of the Trust.
Irrevocable Trusts, on the other hand, may provide some liability avoidance benefits. But transferring any assets to an Irrevocable Trust forever divests the donor of true ownership interest, so these types of Trusts must be used carefully.
What Changes Must I Make to Complete Trust Documents for a Family Member in Another State?
Simply follow the instructions provided in the legal forms contents, but do so with the clear understanding that the person signing the documents is the only person ‘completing’ or creating the Living Trust pro se.
How Do I Get Past and Future Property Purchases into a Trust?
The Living Trust document is a probate avoidance tool that can be used to create a Trust entity to hold certain real property. This Trust entity is created in order to avoid the probate process upon the death of the Grantor of the Trust.
So what steps are required to get real property and other tangible assets into the Trust?
Will I Face Tax Consequences if I Transfer an Existing IRA into a New Living Trust?
Will there be tax consequences to a certain financial move in creating your new Living Trust? Most likely. Will Standard Legal offer any insight on such a topic? Never.
Should an A/B Trust for a Family Be Set Up as a Joint Trust?
Standard Legal believes that A/B Trusts are better set up as separate instruments for each member of a family, as doing so provides clarity and allows for the maximization of a worthwhile tax strategy.
In a Bankruptcy Filing, Must I List Property Contained in a Trust for Which I Am a Future Beneficiary?
In a Chapter 7 or Chapter 13 Bankruptcy filing, the Court wants to know about a person’s complete financial circumstance — including any property or financial interests to which a person may not hold current title, but may gain access to as a beneficiary at a future date.
If Real Estate in a Trust is Worth Less Than Its Mortgage, Are the Beneficiaries Liable for the Debt?
Typically, the balance due on a mortgage for real estate owned by a Living Trust is the liability of the Trust itself.
Beneficiaries in a Trust are not personally liable for any obligations of the Trust in most situations.
Can I Create a Living Trust With Assets I Will Receive as Beneficiary Through a Last Will and Testament in the Future?
Generally, in order to fund a Living Trust, a person must have ownership of an asset so that he or she can transfer the title to that asset into the name of the Trust.
Would Putting an Inheritance into a Living Trust Help Me Keep My Assets if I Have a Pending Lawsuit Against Me?
While Standard Legal cannot speak directly to a specific personal situation, generally cash money or other highly-liquid assets placed or maintained in a revocable Living Trust are not exempt from creditors and their collection efforts.