What Is a Revocable Living Trust?A trust is a legal arrangement where a grantor (the party who creates the trust) chooses a trustee (a third-party fiduciary) to manage assets placed in the trust on the behalf of a beneficiary/beneficiaries. The assets that are held within the trust are ...
A successor trustee handles the trust’s affairs when the creator of a revocable trust dies. Trustees can administer the trust on their own, but may need the assistance of an estate or trust attorney. A revocable living trust becomes irrevocable once the grantor dies. ...
If the grantor of the revocable trust requires that the trustee continue to administer the trust after her death, the trustee continues to have an unconditional obligation to protect and control trust assets. However, the duty to protect trust assets only requires that the trustee act reasonably. ...
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Read More:Responsibilities of a Living Trust Executor Duty of Care As part of administering the trust, the trustee owes what is known as a fiduciary duty to the beneficiaries. He must avoid self-dealing. This means that the trustee must put the beneficiaries' interests above his own and distr...
This will prevent the surviving grantor from altering the deceased grantor’s trust. By law, when a grantor dies, the trustee will first need to pay all legally enforceable debts, expenses, and taxes owed by that grantor before trust assets may be distributed to beneficiaries. Distribution of ...
You can’t take assets back from the trustee in an irrevocable trust. A revocable trust usually becomes irrevocable when the trustor dies. It may break into separate revocable and irrevocable trusts for the beneficiaries. Benefits of Irrevocable Trusts ...
In Virginia, children have certain inheritance rights, especially when one of their parents dies with a will. Under Virginia’s intestacy laws, assuming there’s no surviving spouse, the deceased’s estate generally passes to any children they have. If there is a surviving spouse, their children...
(Often, the grantor acts as their own trustee during their lifetime.) Unlike other living trusts, a revocable trust can be altered or canceled by the grantor at any time.1Once the grantor dies, however, this trust becomes irrevocable. At that time, the trustee is required to manage and/...
and anirrevocable living trustis that therevocable trustcan be altered or voided at your discretion. As the trustee, you can make changes and update decisions as you see fit. For example, if you wish to change a beneficiary after a revocable living trust has been set up, you may do so....