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There are all kinds of trusts and no single answer. Briefly:
A revocable trust can be revoked by the maker (grantor or trustor) during their life. Most trusts automatically convert to an irrevocable trust upon the grantor's death when used in place of a will to transfer property to heirs. Testamentary trusts set forth in a Will are irrevocable after the death of the testator. The provisions can be changed during the life of the testator but cannot be changed after the testator has died.
A living person can also create an irrevocable trust. What makes a trust irrevocable is that provisions cannot be amended by the grantor and the grantor cannot revoke the trust and regain possession of or control of the trust property.
Anyone contemplating a trust should consult with an attorney who specializes in trust law and who has a good reputation. Trust law is one of the most complex areas of law and is entertwined with tax law.
Wiki User
∙ 13y ago
Wiki User
∙ 15y agoNo. A trust always needs a trustee because the trustee is the person who is authorized to handle the property in the trust. If the trust holds real estate, only the trustee can convey it out of the trust. Therefore, if the trustee died then a succesor trustee would need to be appointed. You need to review the document that created the trust for provisions regarding appointment of a successor trustee. The trust document should also provide instructions as to how the trust is to be administered in case of the death of the trustor or any of the beneficiaries. The provisions of the trust must be followed. If the trust instrument fails to make provisions for any situation then a judge must review the trust and issue a judgment to address that situation. For example, if the trust instrument failed to make provisions for the appointment of a successor trustee and the trustee died then a petition would need to be filed in the court of jurisdiction and a judge would need to appoint a new trustee.
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Does a revocable trust become irrevocable upon death of grantor?
It depends upon how the trust is written. Generally, yes.
Is a Grantor Retained Annuity Trust revocable or irrevocable?
A Grantor Retained Annuity Trust is irrevocable.
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
Can a irrevocable trust become revocable if the only trust document is a will?
Trust law is one of the most complex areas of law. It depends on the instrument that creates the trust. You need to discuss this question with an attorney who specializes in trust law. Generally a trust set forth in a will is revocable by the testator during her life and irrevocable after her death.
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
What does it mean when a revocable trust becomes irrevocable?
That means the provisions of the trust agreement cannot be changed.
Is an irrevocable trust a living 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.
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 an irrevocable trust be converted to a revocable trust after grantor is deceased?
Revoking a trust means it goes back to the grantor. Who is, in your example, deceased.I trust (no pun intended ... well, maybe a little bit) you see the problem here.Essentially, the distinction between a revocable and irrevocable trust vanishes when the grantor dies.
When a revocable trust becomes a irrevocable trust after a person dies is trust a non grantor trust or a grantor trust?
it remains a grantor trust
Can a trustee dissolve an irrevocable trust?
When you click on the link that has been provided for you beneath this answer it will take you directly to a webpage where you will find everything that you need to need to know about irrevocable trusts and trustees.AnswerThere are revocable trusts and irrevocable trusts. A trustee can only do what is provided in the trust and what is allowed by law. A properly drafted revocable trust should have a provision for the dissolution of the trust. An irrevocable trust is notsubject to change or dissolution. You should consult with the attorney who drafted the trust to determine your options.
Can a declaration of trust be revoked at any time?
A revocable trust can be revoked by its maker at any time. An irrevocable trust cannot be revoked.
