When you click on the link that has been provided for you beneath this answer it will take you directly to a webpage where you will find everything that you need to need to know about irrevocable trusts and trustees.
AnswerThere are revocable trusts and irrevocable trusts. A trustee can only do what is provided in the trust and what is allowed by law. A properly drafted revocable trust should have a provision for the dissolution of the trust. An irrevocable trust is notsubject to change or dissolution. You should consult with the attorney who drafted the trust to determine your options.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.
Unless the trust has provisions for removal of a trustee then an interested party would need to bring an equity petition to the appropriate court to have the trustee removed and a successor appointed. If there is a substantial amount of money involved you should seek the advice of an attorney and file your petition ASAP.
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.
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.
No, the trust cannot be changed, but the trustee can be removed and a successor trustee appointed. Usually, the trust document names a successor trustee, who would usually be the successor trustee. If there is no successor trustee named, the court will appoint one. The terms of the trust, meaning how the property and income is to be treated will remain the same. The only situation that changing of the trust itself might come into being is where there is so little value left in the trust that it cannot accomplish its purposes. In that even, if there is no reasonable prospect to recover the stolen money, the court would most likely terminate the trust and direct distribution of the remaining funds in an appropriate manner.
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.
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.
yes
You need to review the terms of the trust to determine the extent of the trustee's power.
No. That would invalidate the trust.
A trustee has only the powers set forth in the trust. You must review the trust document to determine what the trustee can do.
my brother is the is in charge of my parents irrevocable will of trust can he remove me
As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.
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.
Yes. The trust would be represented by its trustee in the suit. However, the trustee would not be personally liable.
In short no, an Irrevocable Trust cant be legally revoked by either party.
The beneficiaries are entitled to an accounting to make sure the trustee is not wasting the trust assets.