There are two considerations related to time for the execution of a Living Trust after the death of the Maker: specific time limits may not necessarily be set or dictated by state law; and the Trustee must act in good faith with regard to the terms of the Trust.
Living Trust Questions
Answers to Frequently Asked Living Trust Questions
Can a Grantor/Trustee of a Trust with Three Named Trustees Conduct Business Unilaterally?
The answer to the question depends on the specific language contained in the Trust document.
What Document Must I Create to Close a Gifting Trust for Which I am Trustee?
Generally, the Trust document itself states when the Trust is to terminate (e.g. when all assets are distributed, etc.). Since that closing information should be listed within the Trust document content, there is no additional or new document required.
Must a Trustee Transfer Deeds as Directed by the Grantor if Mental Health is in Question?
The Trustee of a Trust must execute the transfer of deeds for any real property owned by the Trust that is sold to a new owner.
Further, if the Trust is revocable, then the Grantor of the Trust can terminate the current Trustee and name a new Trustee (i.e. the person who may sign deeds for real property), if that is the requirement set forth in the Trust or if that is the direction the Grantor decides.
But given these two statements of required action by the Trustee, the mental competency of the Grantor is a separate matter entirely.
Can a Property Listed in a Living Trust Be Quitclaimed to a Third Party Without Being Removed from the Trust?
If a property has been properly transferred to the Trust (i.e. the Trust has been properly funded and a Quitclaim Deed has been filed using the Trust name), then only the Trustee can transfer the property “back out of” the Trust and to a third party.
The Trust document must also authorize or empower the Trustee to take such action (or grant the Trustee the discretion to transfer the property).
Can a Member Managed LLC Be Transferred Into a Trust?
The owners of the Units of the member-managed Limited Liability Company can assign and transfer their Units of ownership to a Living Trust, so long as no agreement (or the operating agreement of the LLC) restricts such transfer. If such a restriction exists, consent of all of the owners of the LLC would be required … Read more
What Must I Do to Make a Change to a Living Trust?
Once the initial Trust document is created, changes require either an Amendment or a Restatement (i.e. a new Trust).
If We Just Moved, Must I Change and Register the New Address for Our Living Trust?
A Trust has no address per se. But real property must be held or titled in the name of the Trust.
What Can I Do If I Can’t Find the One and Only Copy of a Living Trust Document I Created Several Years Ago?
Documents for a previously created Trust that cannot be located can be re-created (replicating the exact same setup and ownership structures) using new document templates.
Can My Sister Who is Trustee of My Father’s Estate Decide Alone How Assets are Distributed?
The terms of the Trust document as executed by the Donor (the father) will control the issue of retention vs. sale and distribution of any asset contained within the Trust.