0
The parties must seek the legal advice of an expert in trust law. Errors in trusts can be costly to correct and generally must be taken before a court of equity for a court ordered correction or reformation of the trust.
The parties must seek the legal advice of an expert in trust law. Errors in trusts can be costly to correct and generally must be taken before a court of equity for a court ordered correction or reformation of the trust.
The parties must seek the legal advice of an expert in trust law. Errors in trusts can be costly to correct and generally must be taken before a court of equity for a court ordered correction or reformation of the trust.
The parties must seek the legal advice of an expert in trust law. Errors in trusts can be costly to correct and generally must be taken before a court of equity for a court ordered correction or reformation of the trust.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoThe parties must seek the legal advice of an expert in trust law. Errors in trusts can be costly to correct and generally must be taken before a court of equity for a court ordered correction or reformation of the trust.
Add your answer:
Earn +20 pts
How do you end an irrevocable trust?
The manner by which the trust can and should be terminated should be recited in the trust document.
Can you borrow from an Irrevocable Trust?
You must review the provisions in the trust document to determine if the trustee can make loans.
Does a trust become irrevocable after the death of the maker of the trust?
Generally yes. When the maker has died it can no longer be revoked. The provisions in the trust document will control it.
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 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.
Can a trustee make investment decisions in an irrevocable trust in contest?
A trustee has only the powers set forth in the trust. You must review the trust document to determine what the trustee can do.
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
How does a beneficiary in a irrevocable trust remove a trustee from property?
They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.They must review the trust document to determine how trustees can be removed and replaced.
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.
Can a grantor who is also the trustee break an irrevocable trust?
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.
