No. That would invalidate the trust.
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.
You cannot have the same person as grantor, trustee and beneficiary in any trust. There is no trust created in such a set up. The grantor in an irrevocable trust cannot be the trustee. The property in an irrevocable trust must be permanently separated from the grantor's control.
It should have any impact unless you are a beneficiary of the trust.
If there is (1) more than one trustee; and, (2) the trustee-beneficiary cannot act as trustee unilaterally; and (3) the other trustee is not a beneficiary of the trust, yes. If the the trustee is also designated the beneficiary, the trust fails as illusory.
No. The trustee has full control over the assets in the trust. In a 'blind trust' the trustee must be completely independent. If the beneficiary is the trustee then the trustee is not completely independent.
The trustee must sign. The trustee is the only person who has the power to sign on behalf of the trust. It is their purpose.
No. In order to protect the trust property from claims the beneficiary should not be their own trustee. That type of scheme makes the trust vulnerable to creditors and also makes a trust invalid in most jurisdictions.
Absolutely....All one needs is to be the trustee of the irrevocable trust, have a Tax Identification number for the trust, and all documents for the estate, investments, shares, and accounts you are planning to transfer into the Trust account.
For personal use, only if they are the beneficiary. They are entitled to compensation for their work and to use funds for the benefit of the trust, but these are typically laid out in the trust itself.
In short no, an Irrevocable Trust cant be legally revoked by either party.
No. The trustee has control over the trust property. In certain types of trusts the trust document provides that the trustee can only act at the direction of the beneficiaries, however, the trustee holds title to the trust property and generally the trust document gives the trustee the power to manage the trust property.
Yes.