A trust is the legal relationship between one person, the trustee, having an equitable ownership or management of certain property and another person, the beneficiary, owning the legal title to that property. The beneficiary is entitled to the performance of certain duties and the exercise of certain powers by the trustee, which performance may be enforced by a court of equity. This form is an example of a trust that is subject to direct court oversight since the initial trust funds resulted from a civil judgment in favor of a minor.
Pennsylvania Trust Agreement for Funds for Recovery of Judgment for Minor
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How to fill out Trust Agreement For Funds For Recovery Of Judgment For Minor?
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Technically, trusts do not need to be in writing, but execution of a trust is almost impossible unless it is in writing. In the declaration, the grantor transfers legal ownership of the property to be placed in trust to the trustee and names the beneficiary. The grantor must be legally competent to make the trust.
As the Trustor of a trust, once your trust has become irrevocable, you cannot transfer assets into and out of your trust as you wish. Instead, you will need the permission of each of the beneficiaries in the trust to transfer an asset out of the trust.
*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.
Generally, a decedent (while alive) does not control an irrevocable trust ? so there's no inheritance tax on an irrevocable trust. Typically, the executor or administrator will complete PA Department of Revenue Form 1500 if the decedent was a Pennsylvania resident.
After the grantor of an irrevocable trust dies, the successor trustee must transfer the assets to the designated beneficiaries.
Irrevocable trusts are generally set up to minimize estate taxes, access government benefits, and protect assets.
Pennsylvania requires the Trustee of an irrevocable trust to send a notice to any beneficiary or potential beneficiary over the age of 25 since courts in Pennsylvania do not enforce a trust except when a Trustee or beneficiary makes a request.