Pennsylvania Certificate of Trust for Successor Trustee
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How to fill out Certificate Of Trust For Successor Trustee?
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FAQ
Once an irrevocable trust is established, the Grantor loses control over the assets and the terms cannot be changed nor can the trust be dissolved.
After the grantor of an irrevocable trust dies, the successor trustee must transfer the assets to the designated beneficiaries.
A trustee, who can either be the trustor or another responsible party, may be appointed while the trustor is still alive; a successor trustee is charged with administering a trust after the trustor or the appointed trustee (if they are different from the trustor) becomes incapacitated or dies.
*Notice includes the following: (1) The fact of the trust's existence. (2) The identity of the settlor. (3) The trustee's name, address and telephone number. (4) The recipient's right to receive upon request a copy of the trust instrument.
How to Create a Living Trust in Pennsylvania Select the trust that best fits your financial situation. ... Determine which property and assets you want to include in the trust. ... Select a trustee to manage your living trust. ... Create the trust document. ... Sign the trust while a notary public is present.
You should also note that you can be both a trustee and a beneficiary of the same trust. This kind of structure is common in revocable family trusts, in cases where the grantor does not want an outsider managing assets.
With a testamentary trust, the trustee must notify current beneficiaries within 30 days after the trust is first funded. If the settlor of a revocable trust has been adjudicated incapacitated after November 6, 2006, the trustee must notify the settlor's guardian within 30 days of knowing of adjudication.
If you still wish to keep control of it through a single trustee, you may set up an irrevocable trust that will pass it tax-free. That type of trust should be distinguished from a revocable trust, which is still subject to inheritance tax.