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Can someone take back an irrevocable educational trust set up for your children?
Wiki User
∙ 15y ago
; Main Entry: : ir·rev·o·ca·ble ; Pronunciation: : \i-ˈre-vÉ™-kÉ™-bÉ™l, ËŒi(r)- sometimes ËŒir-(r)É™-ˈvÅ-kÉ™-\ ; Function: : adjective ; Etymology: : Middle English, from Latin irrevocabilis, from in- + revocabilisrevocable ; Date: : 14th century : not possible to revoke : unalterable
- ir·rev·o·ca·bil·i·ty \-ËŒre-vÉ™-kÉ™-ˈbi-lÉ™-tÄ“, ËŒir-(r)É™-ËŒvÅ-kÉ™-\ noun
- ir·rev·o·ca·ble·ness \-ˈre-vÉ™-kÉ™-bÉ™l-nÉ™s, ËŒir-(r)É™-ˈvÅ-kÉ™-\ noun
- ir·rev·o·ca·bly \-blē\ adverb
Wiki User
∙ 15y ago
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What happens when the beneficiary of the irrevocable trust dies?
It depends on the terms of the trust. You'll have to read the trust and find out. Sometimes, the benefits pass to the decedent's children. Sometimes, the benefits lapse. Sometimes, they pass to someone completely different.
How can you tell if a trust is irrevocable?
Generally, an irrevocable trust is titled 'irrevocable' or is designated as such somewhere in the first few paragraphs.
What is the difference between credit shelter trust and irrevocable trust?
What is the difference between credit shelter trust and irrevocable trust?
If timber is sold on land in irrevocable trust should it go into the irrevocable trust account?
no
Can a testamentary trust be revocable?
No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.
Is property held in an irrevocable trust protected in bankruptcy?
Can you protect your assets from bankruptcy by placing them in an irrevocable trust?
Is there a settlor in an irrevocable trust?
if a settlor of an irrevocable trust feels that he was not properly informed by his attorney of all the restrictions what can he do
Where can I get more information for an irrevocable trust?
You can get information on what a irrevocable trust is at the following sites I found for you to have a look at www.dummies.com/.../revocable-versus-irrevocable-trusts.htm ,en.wikipedia.org/wiki/Trust_law
Where is the form for the irrevocable trust Is the living trust the same as an irrevocable trust?
The biggest difference between the trusts is that the Living Trust is revocable and can be changed over time. For detailed information visit: http://www.ultratrust.com/revocable-trusts-vs-irrevocable-trusts.html
What does it mean that you cannot get the assets back in a revocable trust?
You CAN get the assets back in a revocable trust. You CANNOT get the assets back in an irrevocable trust. An irrevocable trust cannot be terminated by the settler once it has been created. The settler transfers their assets into the trust and no longer has any rights of ownership in that property or the trust. The main reasons for setting up an irrevocable trust are estate planning and tax purposes. Generally, assets in an irrevocable trust are shielded from creditors.
Can the legal guardian of children who have an irrevocable trust be entitled to any portion of the money each year?
No. Not unless that option is set forth in the trust. If not only the children are "entitled" to be paid. Any income from the trust must be used for their needs as set forth in the trust.
If the grantor and the trustee are the same person in an irrevocable trust can they revoke any or part of that trust from the beneficuary?
In short no, an Irrevocable Trust cant be legally revoked by either party.
