Can a trust disinherit a spouse?
Can I disinherit a spouse from a will or trust, legally? Yes, and no. Yes, a spouse can be disinherited.
Does a trust supercede a marriage?
California is a community property state. This means everything you earn or acquire during your marriage belongs to each spouse equally. Attempts to put more assets than are rightfully yours into a trust will not override the community property law.
Can a trustee dissolve a trust?
As part of trust administration, the trustee must properly settle the trust (notifying creditors, paying taxes, etc.) Once it has completed its purpose and then the trustee can complete the paperwork to dissolve the trust. Learn more about the distribution of trust assets to beneficiaries.
What happens to a trust if one spouse dies?
Generally, if one spouse dies, the trust doesn’t require any further action from the surviving spouse. However, all trust terms are different, and it is important to follow the terms set forth in the specific trust.
Can a living trust wipe out an elective share?
As a result, if the surviving spouse has been provided for by the decedent during lifetime through outright gifts, joint tenancy property, life insurance, living trust provisions, annuities or retirement plans, the amount of such property received by the surviving spouse reduces the elective share (and may wipe it out entirely).
When to create a revocable trust with two spouses?
When two people get married and start acquiring assets as a married couple, it is fairly common for the spouses to create a single revocable trust together and designate themselves as co-trustees while they are still alive.
Can a surviving spouse get more than a fair share of an estate?
Second, it prevents the surviving spouse from obtaining more than a “fair share” of the estate when he or she has already received a share of the estate through some other means.