When a Revocable Trust is Not RevocableSmith, Eddy R.Tennessee Bar Journal
Although the creator of a trust is its trustee while he’s alive, someone must step in to manage the trust for him when he dies. This is his “successor trustee." When you create a revocable trust, you can name two or more individuals as successor co-trustees so the management of your...
Being a Trustee has legal responsibilities that are too serious to figure out yourself. California Attorney SusAnne Lee Chung created this course because much of the attorney time in a trust administration is educating the Trustee. Why pay for one-on-one time for this? Taught by an estate lawy...
How to create a revocable living trust 1. Create a trust document The trust document lists assets the grantor wishes to include in the trust. It also names a trustee, as well as the heirs or beneficiaries who will receive assets after the grantor dies. 2. Sign and notarize the trust agre...
When you get divorced, it is likely you will want to remove your ex-spouse's name as the primarybeneficiary of a life insurancepolicy. If your policy is revocable, you can simply change the name. If your policy has a cash value, you may have to split the monetary value of the policy...
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 ...
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 ...