WHAT RIGHTS DOES THE SURVIVING SPOUSE HAVE IN THE TRUST ASSETS?
If the surviving spouse is the trustee, he or she may have the right to sell, buy, or transfer any of the assets. The surviving spouse has the freedom to do whatever he or she sees fit with the assets in the trust. However, it can be beneficial if the Trust has at least three or more Trustees that can vote on the best way to handle the Trust assets. Laying out the plan in advance of a death is critical and is part of the responsibilities of the Trustors (creators of the Trust).
If the surviving spouse is a trustee, he/she has unlimited rights to buy, sell and transfer assets. Q. Who manages the Trust? Usually you name yourself to be the manager (trustee). However, you could name a friend, a child who is not a minor, or a corporate entity, such as a bank. Q. Are Living Trusts valid in all 50 states? Yes. A Living Trust is valid in all states and in most foreign countries. Q. Will I have to rewrite my Trust if my personal circumstances change? You can change or amend your Trust as often as you wish. We assist and include the documentation to make this process simple and easy to understand. Q. How does the Trust end? A Living Trust is dissolved when all of the assets have been distributed or it may be revoked by the Trustor at anytime. Q. Will a Living Trust protect me against my creditors? No. A Living Trust does not insulate your assets from the legitimate claims of creditors. Q. Can I appoint a minor child as my Successor Trustee? No. The minimum age for a Su
If the surviving spouse is the surviving trustee, he or she has the right to buy and sell and transfer any of the assets. The surviving spouse is usually the beneficiary of the trust assets and, therefore, has the right to all the income and to invade the principal. The surviving spouse has the freedom to do whatever he or she wants with the assets in the trust. 24) Does My Will Avoid Probate? No. Your will does not avoid probate. All the assets passing through the will pass through probate. Probate is a title-clearing process. Probate is expensive, time-consuming, and public. Most people want to avoid it. You can avoid probate with a living trust. 25) What Will You Charge Me For A Living Trust’.? That depends on how much time is required and how difficult the job is. Each client has different objectives, family circumstances, and assets going into the trust. I will give you a set fee immediately if I can predict in advance what will be involved. Otherwise, I will give you an estimated
Related Questions
- I own my home and some other assets as joint tenants with rights of survivorship with my spouse. Doesn’t that eliminate the necessity for having a will?
- Does the surviving spouse have sufficient access to the Bypass and QTIP trust assets?
- WHAT RIGHTS DOES THE SURVIVING SPOUSE HAVE IN THE TRUST ASSETS?
