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That may be possible, by a court order, if the trust is found to be invalid. You need to consult with an attorney who specializes in trust law who can review the details and explain your options.
That may be possible, by a court order, if the trust is found to be invalid. You need to consult with an attorney who specializes in trust law who can review the details and explain your options.
That may be possible, by a court order, if the trust is found to be invalid. You need to consult with an attorney who specializes in trust law who can review the details and explain your options.
That may be possible, by a court order, if the trust is found to be invalid. You need to consult with an attorney who specializes in trust law who can review the details and explain your options.
Wiki User
∙ 11y ago
In Kentucky, a court may consider petitions to modify or terminate an irrevocable trust under certain circumstances, such as if all beneficiaries consent or if continuing the trust is not practical. However, breaking an irrevocable trust is generally not easy and may require a court order based on specific legal grounds.
Wiki User
∙ 11y agoThat may be possible, by a court order, if the trust is found to be invalid. You need to consult with an attorney who specializes in trust law who can review the details and explain your options.
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Who has custody of the irrevocable trust?
The assets in an irrevocable trust are legally owned by the trust itself, not by any individual. The trustee is responsible for managing the trust assets for the benefit of the trust beneficiaries as outlined in the trust agreement.
Can a trustee dissolve an irrevocable trust?
In some cases, a trustee can seek court approval to dissolve an irrevocable trust if certain conditions are met. These conditions may include all beneficiaries agreeing to the dissolution, changes in circumstances necessitating the trust's termination, or if the trust's purposes have become impossible to achieve. It's important for the trustee to consult with legal counsel to understand the specific requirements and considerations involved in dissolving an irrevocable trust.
Can an irrevocable trust be changed by the trustor?
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.
How can you desolve an irrevocable trust.?
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.
How do you dissolve an irrevocable trust upon death of grantor?
An irrevocable trust cannot be dissolved upon the death of the grantor unless there are specific provisions in the trust document allowing for it. Generally, the terms of the trust dictate how the assets are distributed after the grantor's death. In some cases, a court may be able to modify or terminate an irrevocable trust in certain circumstances. Consulting with an attorney experienced in trust and estate law is recommended to explore your options.
Can an Irrevocable Trust be broken in Vermont?
Only by a court order.
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 a Grantor Retained Annuity Trust revocable or irrevocable?
A Grantor Retained Annuity Trust (GRAT) is an irrevocable trust that allows the grantor to transfer assets to beneficiaries while retaining an annuity interest for a specified period. Once the GRAT is established, the terms cannot be changed or revoked by the grantor.
Can an irrevocable trust be changed by the trustor?
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.
Is a crummey trust an irrevocable trust?
Yes, a Crummey trust is a specific type of irrevocable trust commonly used in estate planning to take advantage of annual gift tax exclusion amounts. Beneficiaries of a Crummey trust have the right to withdraw gifts made to the trust within a certain period, after which the gifts become irrevocable.
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
Is property held in an irrevocable trust protected in bankruptcy?
Can you protect your assets from bankruptcy by placing them in an irrevocable trust?
If an irrevocable trust lists wrong address of people making trusts can it be broken?
Generally, the parties to a trust are listed in the original trust and the trust is not modified as time marches on and addresses change. That in and of itself would not be grounds to nullify the trust.
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
