Can a revocable trust be probated?
Well, a trust is a way to own property in which title to the property is actually retained by the trustee of the trust, and a beneficiary will be the person or persons for whom the trust is created. The primary advantage of a revocable trust is to avoid probate.
Can a revocable living trust be named as an executor?
Assets held in a revocable living trust don’t require probate to move to a living beneficiary. Naming the same person as the executor of your estate and the successor trustee of your trust will minimize expenses.
How does a trustee work in a pour over will?
Your trustee will collect trust assets, including those transferred under the terms of your pour-over will, and distribute them to the trust beneficiaries. A trustee, unlike an executor, doesn’t need a probate court’s approval to act. The trustee will follow the instructions you left in the trust document.
Who is the executor of a pour over will?
In the case of a pour-over will, however, the executor has just one job: to take all assets that pass under the will and put them into the living trust. You’re going to all the trouble of setting a revocable living trust to spare your family the expense and delay of probate.
How is a successor trustee similar to an executor?
The successor trustee’s job is like that of the executor, with the crucial difference that the trustee has control only over trust assets. So the trustee will distribute the trust assets following the terms of the trust document.
Assets held in a revocable living trust don’t require probate to move to a living beneficiary. Naming the same person as the executor of your estate and the successor trustee of your trust will minimize expenses.
In the case of a pour-over will, however, the executor has just one job: to take all assets that pass under the will and put them into the living trust. You’re going to all the trouble of setting a revocable living trust to spare your family the expense and delay of probate.
Your trustee will collect trust assets, including those transferred under the terms of your pour-over will, and distribute them to the trust beneficiaries. A trustee, unlike an executor, doesn’t need a probate court’s approval to act. The trustee will follow the instructions you left in the trust document.
The successor trustee’s job is like that of the executor, with the crucial difference that the trustee has control only over trust assets. So the trustee will distribute the trust assets following the terms of the trust document.