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Suppose Charles, a very successful entrepreneur, owns a substantial amount of real and personal property and wants to transfer the property from his individual ownership in order to protect it from any creditors and avoid the need for probate at the time of his death. He has no children but has numerous nieces and nephews.
Charles decides to have an irrevocable trust drafted by an attorney who specializes in trust law. The provisions of the trust provide the following: his eldest nephew, Thomas, is the trustee and the nieces and nephews are to have the power to name one of their group as successor trustee should Thomas die or resign; during his life Charles is to have a generous monthly stipend and the right to the use and possession of his various homes; upon his death, the remaining property in the trust is to be liquidated and divided equally amongst his nieces and nephews. Charles will have no power or control over the trust property.
Now suppose Charles executed deeds for all his real property transferring the title to the trustee of his trust. He also arranged for all his bank and investment accounts to be transferred to the trustee and they are all now in the name of the trustee of the irrevocable trust.
Charles cannot undo those transfers once they have been made. Those transfers are irrevocable. Charles is no longer the owner of his property. He is the beneficiary of his irrevocable trust.
What else can I help you with?
Irrevocably in a sentence?
Irrevocable means to be impossible to change or undo. An example sentence is: Having a baby would be an irrevocable act.
What does the term irrevocable mean in a bank or checking account?
In the context of a bank or checking account, "irrevocable" means that the actions or decisions associated with the account cannot be undone or reversed. For example, if a transaction or transfer is marked as irrevocable, it cannot be cancelled or revoked once it has been initiated. This term is used to indicate that the action is final and cannot be changed.
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 accented syllable in the word irrevocable?
At least in British English, it is the second syllable: irrEvocable.
Is there irrevocable power of attorney in north Carolina?
free irrevocable poa papers
What does it mean if something is irrevocable?
The term irrevocable can be describes as something that cannot be reversed or revoked. The word irrevocable has be used to describe ones love for another or commitment.
If timber is sold on land in irrevocable trust should it go into the irrevocable trust account?
no
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
What is an irrevocable resignation?
An irrevocable resignation implies that the one who resigns cannot change his or her mind about the decision.
What is irrevocable resignation?
An irrevocable resignation implies that the one who resigns cannot change his or her mind about the decision.
Is property held in an irrevocable trust protected in bankruptcy?
Can you protect your assets from bankruptcy by placing them in an irrevocable trust?
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
