Backdating allocation of marital assets into survivor trust lesbian dating in halifax nova scotia

If the trust property has already been distributed to the beneficiaries when the taxing authority learns of the unpaid taxes, such as after the death of the surviving spouse, the taxing agency can look to the trustee and/or the beneficiaries for reimbursement of the tax due.As its name suggests, revocable trusts can be canceled or amended.A marital trust usually names both spouses as co-trustees.Upon the death of one spouse, the surviving spouse is usually the sole trustee.The trustee should carefully review the trust document upon the death of the decedent spouse to determine whether the trustee is required to take any action.

Some trust documents provide that the surviving spouse can revoke and/or amend both the decedent’s trust and the survivor’s trust.However, living trusts can also be irrevocable, which means the grantor cannot terminate the trust.In this case, the trustee can terminate the trust, but only in the manner specified in the trust – for example, after all the assets have been distributed.The risk is that, upon the death of the first spouse, the surviving spouse will amend the decedent’s trust, remove the deceased spouse’s children from the prior relationship as beneficiaries, and substitute those children for the children the couple had tougher.In other words, this type of restriction would prevent the surviving spouse from disinheriting the children of the deceased spouse.

Leave a Reply