Can a spouse have a claim to a trust in Colorado?
As part of any Colorado divorce, parties will need to identify and value any marital property so it can be fairly divided. A spouse’s interest in a trust can be a form of property. Depending on the nature of the trust, when it was created, and to what extent the trust benefits you, your spouse could have a claim to the trust during the divorce.
Can a trust be formed in a divorce?
With some exceptions, premarital property is generally not subject to division in a divorce, even if it is placed in a trust, meaning a spouse would have no rights to it. To further protect premarital assets , the trust could be formed as a domestic asset protection trust (DAPT).
How are assets divided in a divorce in Oregon?
Before a division of assets can take place, it must be determined which assets are marital assets and which assets are separate assets belonging to only one spouse. Generally, any property acquired before a marriage or after a date of separation is considered separate property.
Can a spouse access a discretionary trust in Massachusetts?
In some states, such as Massachusetts, the beneficiary’s spouse may be able to access some of the trust income, so it does not provide complete protection. Discretionary trust. A discretionary trust gives the person managing the trust, known as a trustee, the ultimate authority to decide when, if, and how to make distributions to the beneficiaries.
Can a revocable living trust be used in Oregon?
Revocable living trusts are often promoted as an effective alternative to probate. Even though Oregon’s probate system is relatively simple and inexpensive, many people seek an even quicker and easier mechanism for transferring the assets of a deceased person to the beneficiaries of that person.
Can a professional fiduciary act as a trustee in Oregon?
A professional fiduciary that is not an Oregon bank or trust company can act as trustee, if a court appoints it and it posts a bond. You can appoint more than one trustee, delegating different duties to each trustee if you wish, and you can retain the power to remove the trustee and appoint a new one.
What happens to a revocable trust when you get remarried?
Revocable Trust A revocable trust allows the grantor to change the terms any time he wants. As a result, when he gets remarried, he can add his spouse as a beneficiary. This can typically be done in one of two ways.
Can a spouse be a beneficiary of a living trust?
If a living trust merely names the grantor’s “wife,” “husband,” or “spouse” as a beneficiary, the new spouse may be able to step into the trust as a beneficiary without needing to change the trust’s terms.