Saturday, December 18, 2010
How is a trust relationship enforced after death?
A living trust has separated a legal identity of the person who created the trust. The trustee and beneficiaries all the right to force a confidence to trust even after the matrices of the creator. GenerallyLike a commercial entity, a trust relationship has its own legal identity. When a trust is created, a trustee is responsible for the management of trust according to the terms and conditions for confidence and execution of trust similar to where the company is managed.BeneficiariesUltimately individuals who are confidence to enjoy, the beneficiaries. Because the beneficiaries income trust and property, have the greatest interest apply terms.DeathDeath trust has no status or enforceability of a trust normally. If the trustee dies, the successor shall be appointed trustee. Likewise, if a recipient dies or other beneficiaries, or in some cases a contingent of beneficiary maintain confidence in the operation.ProcedureEither, trustee, or one of the beneficiaries apply a trust relationship by filing a request before the Court of the State. The State Court judge will review the terms of the trust and coveted compliance with this terms.MisconceptionsIt is easy be creator of trust as owner of the trust property. However, when a trust is created, each property is from the creator to confidence in confidence held property more personal is. The result is that confidence still exist and be enforceable by the trustee and beneficiaries, even if the creator to confidence.
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