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A trust is a document that allows you to keep control of your money and property and designate who receives it once you die. “Revocable” means you can change the terms at any time while you ...
I’m a Financial Planner: Here Are 5 Mistakes You Must Avoid When Transferring Property to Heirs. Andrew Lisa. July 26, 2023 at 8:00 AM ©Shutterstock.com. ... Property held in a trust.
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The current authority on point is the Jersey Court of Appeal’s decision in Alhamrani v JP Morgan Trust Company. Alhamrani allows a trustee (and former trustee) to take their costs from trust assets unless they can be shown to be “unreasonably incurred”. But in practice what an “unreasonably incurred” cost will be is highly controversial.
After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $50,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. [119]
If a revocable living trust is used as a part of an estate plan, the key to probate avoidance is ensuring that the living trust is "funded" during the lifetime of the person establishing the trust. After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust.
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