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. ...
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. ...
" 1Whatever objectives a revocable trust might accomplish for its settlor, avoiding the legitimate claims of the settlor's creditors during the settlor's life is not one of them." he Restatement (ISecond) of the creditors with clais at the time ior's creditors canot invalidateKruse, Clifton...
Wills control the estate. Trusts control the trust estate, the assets that are placed within their ownership. These two types of documents do not overlap and therefore cannot supersede each other. However, if they conflict, a trust will usually prevail over a will after an individual dies becau...
A revocabletrustis a trust whereby provisions can be altered or canceled depending on the wishes of thegrantoror the originator of the trust. During the life of the trust, income earned is distributed to the grantor, and only after death does property transfer to thebeneficiaries of the trust...
Revocable trusts are also not a way to avoid income tax. If the assets in the trust generate income, that income is still subject to taxation. Putting assets into a revocable trust is also not a way to avoid paying estate taxes. When you die, the assets in your revocable trust are stil...
The article discusses the author's proposal for the Ohio Legislature to amend the Ohio Trust Code in order to permit creditors to access the assets of a revocable trust in certain circumstances in order to satisfy a settlor's debts upon his or her death. Ohio statutory law and public policy...
to heirs while avoiding the time and expenses associated with probate—which they often would incur if assets were simply bequeathed to them in a will. During the life of the trust, income earned is distributed to the grantor, and only after death does its property transfer to thebeneficiarie...
Revocable Trust vs. Will While a living trust offers many of the same coverages as awill, the two legal items cover different periods of the grantor's life. A revocable living trust covers an individual's assets while alive, in incapacitation cases, and after death. A living will only ...