You should seek the advice of an attorney who is familiar with trust law in your state as well as the rules of the IRS. See the link below.
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.
it remains a grantor trust
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.
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.
The grantor has no control over the assets in an irrevocable trust. Those assets are under the control of the trustee.
Warning! An irrevocable trust is not created when the grantor (trustor) is also the trustee. By transferring their property to a trust of which they are the trustee the grantor has retained control over the property. Irrevocable trusts are usually set up for tax purposes. The grantor cannot retain any control over the property in order for the trust to qualify as an irrevocable trust. The trust you describe has failed and left the trust property exposed to creditors and taxes. You need to consult with an attorney who specializes in trust law and tax law.
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.
In short no, an Irrevocable Trust cant be legally revoked by either party.
In my experience, this would be considered, in layman's terms, a trust in which the grantor, when alive, created a discretionary trust, then the gantor died. Now, the trust is in the hands of the trustee appointed by the grantor, which makes it irrevocable. When the grantor was alive, it was revocable. Now, the complex part usually means that in any given tax period, the trust had distrubutions of principle of some sort. I hope this helps.
In my experience, this would be considered, in layman's terms, a trust in which the grantor, when alive, created a discretionary trust, then the gantor died. Now, the trust is in the hands of the trustee appointed by the grantor, which makes it irrevocable. When the grantor was alive, it was revocable. Now, the complex part usually means that in any given tax period, the trust had distrubutions of principle of some sort. I hope this helps.
It depends upon how the trust is written. Generally, yes.
If the irrevocable trust is properly drafted and is not, in fact, a grantor-owned revocable trust, then it should have its own unique Taxpayer Identification Number ("TIN").