When a Revocable Trust is Not RevocableSmith, Eddy R.Tennessee Bar Journal
the individual who sets up the trust. A trustee, named in the trust document, has the responsibility of handling, managing, and distributing assets within the trust even while the grantor is alive. A revocable trust can be changed or canceled only when the grantor is alive but becomes irrevoc...
And a revocable trust is often perceived of as a will substitute. And for basic estate planning purposes, a will is perfectly fine, and even sometimes for tax planning a will is perfectly fine. The creation of the sub trust could be done under the will, which is just anothe...
A testamentary trust can only come into effectfollowing the death of a Will ownerand once probate is granted authorising the executor to distribute the estate to the nominated beneficiaries. Beneficiaries are then given the option to receive their inheritance in a testamentary trust or not. What ...
When the grantor dies, the trust lives on, becoming an irrevocable trust, and its assets should be able to be distributed by a successor trustee without having to be probated. The distribution is private, as opposed to the completely public process of probate, and it can save heirs court ...
Here's where deciding when to take Social Security gets a little tricky. First of all, know that if you die single and childless, all the Social Security you would have received after age 62 will go to nobody. Unlike a will orrevocable living trust, the government doesn't pay out your...
property. Therefore, your statement in the Last Will and Testament is simply repeating what is automatically going to happen. The first spouse dies and the other spouse then is the surviving owner. Then, what is the problem with my will saying the same thing that is going to automatically ...