A trustor is the person who created a trust. The trustee is the person who manages a trust. The trustee has a duty to manage the trust's assets in the best interests of the beneficiary or beneficiaries. In this form the trustor is acknowledging receipt from the trustee of all property in the trust following revocation of the trust. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Travis Texas Receipt by Trustor for Trust Property Upon Revocation of Trust
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Multi-State
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Travis
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US-01206BG
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Word;
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How to fill out Receipt By Trustor For Trust Property Upon Revocation Of Trust?
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1 : sole, separate, and exclusive ownership : one's own right without a joint interest in another person agrees to assign the lease, or some portion of it (in common or in severalty) to another operator Pacific Enterprises Oil Co.
The agreement, or deed in trust, grants the beneficiary the rights to possess and use the property, and to exercise control over the actions of the trustee.
A trust usually ends under legal and complete circumstances. After the grantor passes away, the trustee handles the property and assets of the grantor, and the assets are transferred to the beneficiary (or beneficiaries) under the terms dictated in the trust by the grantor.
(A land trust allows the trustor to convey the fee estate to the trustee and to name him or herself the beneficiary. The trustee holds legal title and has conventional fiduciary duties, but the beneficiary controls the property and controls the trustee.)
A revocation of a will generally means that the beneficiaries will no longer receive the specified property or financial assets. A beneficiary may have been depending on the trust property for various reasons. If the revocation occurs at a certain time, it can cause legal conflicts in many cases.
Further, a trust will be considered as terminated when all the assets have been distributed except for a reasonable amount which is set aside in good faith for the payment of unascertained or contingent liabilities and expenses (not including a claim by a beneficiary in the capacity of beneficiary).
People might revoke a trust for any number of motives. Usually, it involves a life change. One of the most common reasons for revoking a trust, for example, is a divorce, if the trust was created as a joint document with one's soon-to-be ex-spouse.
Trusts usually end when the settlor dies or when one of the beneficiaries dies, but sometimes a trust ends after a certain period of time or after a certain event takes place, like when a beneficiary gets married or reaches a certain age. There are other reasons a trust can end, however.
Usually, this means paying any outstanding trust obligations, liquidating assets, filing final income tax returns, preparing a final accounting for the benefit of the beneficiaries, and distributing trust assets to the appropriate beneficiaries.
2. The termination of Trust and the Proposed Distribution will not cause any of the beneficiaries of Trust to be treated as making a taxable gift.