my brother was very grave with liver cancer,and the doctors only gave him a couple of days to live. he went into the hospital on nov.2,2007 and by nov.5,2007 he was put into the hospic ward,where on nov.11,2007 he died. on nov.5,2007 his attorney came in his room with a will and trust for him to sign. my brother didnt even know what day it was or who the presentdent of the u.s. was.itold the lawyer not to let him sign anything because he was on a double dose of morphine.but his lawyer had him to sign the trust anyway being under the double dose of morphine.the trust was sign on nov.5,2007 the same day that he was put in the hospic ward and he died on the nov 11,2007.do you think the irrevocable trust can be turn around,because my brother did not read what he sign or could not understand at that time what he was signing,because he was on a double dose of morphine and than when he got to the hospic ward they put him on hydrochlophine which is stronger than the double dose of morphine,and the doctor gave him an i.v drops every 10 min. so can you tell me if this irrevocable can be contested?
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
An irrevocable trust can be revoked or dissolved under only very limited circumstances. Essentially, the irrevocable trust must have it written into the wording of the trust and a possibility of dissolving it can only be there if the trust is functioning completely improperly or other than the way it was intended.
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
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.
In short no, an Irrevocable Trust cant be legally revoked by either party.