You must review the provisions in the trust document to determine if the trustee can make loans.
You need to review the powers granted to the trustee in the trust instrument. The trustee may need to get court order if the power to borrow money was not granted in the trust.
Yes. There are two types of trusts, living (intervivos) and testamentary. The living trust is created by a living person(called the settlor or trustor). The testamentary trust is created by the will of a deceased person. Living trusts are designated as either revocable or irrevocable depending on the authority of the settlor. If the settlor has the power to cancel or revoke the trust, it is a revocable trust. If the settlor has no power to revoke it then it is an irrevocable trust. Since the revocable/irrevocable distinction is determined by what the settlor can do while he or she is alive, the trust had to have been made during the settlor's lifetime. Hence, an irrevocable trust is a living trust. On the other hand a trust that is set forth in a person's will is revocable during the life of the testator simply by a modification of the will through a codicil. Once the testator has died that trust becomes irrevocable.
No. You cannot maintain any control over the assets in a irrevocable trust. Doing so will cause the trust to fail and leave you exposed to creditors and taxes.
The manner by which the trust can and should be terminated should be recited in the trust document.
You can break an irrevocable trust only if there was some legal error involved in the establishment of that trust. If there was an error, you can then go to court and ask to have the trust invalidated on the grounds of that error. If there was no error, then no, you cannot break it.
We own the house my brother and me and I would to know if you can borrow on it. Thank You
No to avoid estate tax penalty
You need to review the powers granted to the trustee in the trust instrument. The trustee may need to get court order if the power to borrow money was not granted in the trust.
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?
no
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.
In general, irrevocable trusts cannot be changed by the trustor once they are established. These trusts are designed to be permanent and the trust assets are no longer considered part of the trustor's estate. However, some irrevocable trusts may include provisions that allow for certain changes to be made under specific circumstances.
Can you protect your assets from bankruptcy by placing them 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
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
To dissolve an irrevocable trust, you typically need the consent of all beneficiaries and the trustee, as well as court approval in some cases. Additional requirements may vary depending on the specific terms of the trust and applicable state laws. It is advisable to seek the guidance of an attorney specializing in trusts and estates to navigate the process successfully.