2006-07-29 13:11:46 · 7 answers · asked by Huetalu 1 in Politics & Government ➔ Law & Ethics
A trust has one or more beneficiaries, and one or more trustees.
The term 'executor' applies to wills, not trusts. Also referred to as a personal representative, the executor is responsible for overseeing the distribution of property according to the terms of a will. If no executor is specified in a will, or if the named executor is dead or unwilling to act in that capacity, then the court appoints a new executor.
And a person may always change the name of the executor, simply by altering the will or creating a codicil. This generally requires the same formalities as creating the will in the first place, either appropriate witnesses for an attested will, or a hand-written holograph. Either way, the new document may only change the executor, and leave everything else in place from the former will.
The same applies if a trustee dies or unable to accept being named as trustee. The court will appoint a new trustee.
The term 'living trust' is not a standard term. There are "inter vivos" trusts, which are created during life, and then function as normal trusts. If a person is a trustee, and knows they are going to die, they can petition the court to appoint a new trustee now rather than waiting.
There is also a 'living will', also known as an advanced medical directive, which appoints someone else to make medical decisions in certain situations. The person who created that document can generally always revoke it or appoint someone else to serve in that capacity.
2006-07-29 13:13:56 · answer #1 · answered by coragryph 7 · 4⤊ 0⤋
"Executor" applies to the administrator named in a will, which may include a testamentary trust, but not a living trust.
A trust established by a settlor comes in two kinds: revocable and irrevocable. The first can be changed; the second cannot. A trust has trustees who "run" the trust and beneficiaries, who benefit from the trust. If the same person is trustee and beneficiary, there is no trust for all but a few tax purposes.
2006-07-29 20:26:24 · answer #2 · answered by thylawyer 7 · 0⤊ 0⤋
yes a will is a living document that can be changed and amended by the person at his or her own will
as long as there is a lawyer present
2006-07-29 20:15:45 · answer #3 · answered by Mj 4 · 0⤊ 0⤋
If the person is of sound mind & has time & good health to deal with it, he can change whatever he pleases on his will.
2006-07-29 20:16:45 · answer #4 · answered by Bluealt 7 · 0⤊ 0⤋
Dono
2006-07-29 20:14:02 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes, if the person is "of sound mind".
2006-07-29 20:15:48 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Maybe if their are enough unbiased witnesses.
2006-07-29 20:16:09 · answer #7 · answered by retrodragonfly 7 · 0⤊ 0⤋