Revocable Trust Trustees Form
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People also ask
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What is the downside of a revocable trust?
The main disadvantage of a revocable living trust is that it does not protect you from creditors or lawsuits. Because you have control of everything in your trust and have access to the assets, you can still be sued for liability.
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Can a trustee override an executor?
Because they both have separate areas of responsibility, an executor cannot override a trustee, and a trustee cannot override an executor. Effectively, executors and trustees have separate duties and control over separate administrations, so while they often collaborate, they need not.
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Do you need both an executor and a trustee?
Sometimes, it might make sense to name a single person as both the executor and trustee, or to make sure that both parties get along with each other since they'll likely have to work together to settle the estate.
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Can a trustee be removed from a revocable trust?
Remove a Trustee from a Revocable Trust In a revocable trust, the grantor (the person who creates and funds the trust) can remove a trustee without permission from anyone else. To do so, they should formally notify the trustee that their services are no longer needed. The grantor can then name a new trustee.
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Can a trustee withdraw money from a revocable trust?
Yes, a trustee in California can withdraw money from a trust, but only under certain conditions. The authority to withdraw and use trust funds must be in ance with the terms of the trust document and California law.
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What is the difference between an executor and a trustee of a revocable trust?
An executor carries out the terms of the will. A trustee carries out the terms of a trust. When the court admits a will into probate, then the court appoints an executor. A trustee appointment happens when the trustee accepts the position as outlined in the trust agreement.
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Is a trustee more powerful than an executor?
The role of executor is similar to a trustee, but it applies solely to the estate of the deceased person rather than to a trust and its beneficiaries. The job of the executor is finite and gets wrapped up within a specific time period, as opposed to a trustee, who may have that role for life.
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What does an executor do in a revocable trust?
Maintaining the trust accounting, keeping a record of all deposits, expenses, and transfers from the trust (even if they are to or for the benefit of your loved one). Managing the affairs and expenses of the estate, including paying debts, filing tax returns, and distributing assets.
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