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What is a holographic will?
How is a trust revocable?
- Settlor (A) can cause it to be revoked, compel the trustee to give the property back to the settlor, can amend the distribution in any way during the settlor's lifetime.
- ("A" retains control/value/benefit of the property for
- "A"'s lifetime). Settlor (A) can put money, stock, and even
- property into a trust. "A" gets income from the interest of the
- property/monies that is put into the trust.
- Beneficiary has expectancy, but does not have any right/interest to the property at the time the
- revocable trust is created
How does a trust become irrevocable?
- A gives up lifetime control and lifetime value.
- The beneficiary receives the interest of the property (in trust) at the time the irrevocable trust is created, because A did not retain any control or value of the property during his lifetime.
When does a will become effective?
Upon the death of the testator
A personal representative who is named in the will and is responsible for executing the will and administering the probate estate
When the will does not name an executor, the named executor is unable or unwilling to serve, OR the decedent dies intestate, the court will name a personal representative, who is generally called an administrator.
The administrator is usually selected from a statutory list of persons who are to be given preference, typically in the following order : surviving spouse, children, parents, siblings, creditors.