Can an Irrevocable Living Trust be easily revoked/amended if beneficiaries agree?
So far I understand that Irrevocable Trusts are not meant to be revoked. But if you/spouse are grantor, trustee, and beneficiary of an irrevocable Trust, technically can't you/spouse amend and even revoke the Irrevocable Trust? Who would complain?
Is there only an issue when there are a bunch of beneficiaries involved who would be likely to complain?
What you're describing is impossible. You cannot be both the grantor and trustee of an irrevocable trust. By its definition, an irrevocable trust cannot be amended or revoked unless by special circumstances, usually under the direction of the court. Once a grantor creates an irrevocable trust, he or she has no control over it.
The term "irrevocable living trust" is a contradiction of terms. If, on the other hand, you're talking about a REVOCABLE living trust, the settlor's power to amend and revoke are described in the trust document itself. Ordinarily the settlors are free to amend and/or revoke during their joint lifetimes. The beneficiaries may complain but they have no legal standing to -- the trust is none of their business until an event that makes all or part of the trust irrevocable occurs.
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I agree with Mr. Smith. You would be wise to check the terms of the trust carefully and make sure understand the purpose of an irrevocable trust. If you created it yourself, and the circumstances are as you suggested, you likely did it wrong or you created the wrong kind of trust.
Consult with local counsel so you don't create more issues.
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Don't think an attorney would prepare an irrevocable trust making you the grantor, trustee, and beneficiary.
It appears you are talking about a revocable trust that becomes irrevocable upon death
The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.
Yes. Irrevocable trust may be revoked or amended.
No. It is usually not easy.
Best practice is to have the revocation or amendment approved by court. Courts becoming more receptive to revocation or amendment when properly plead and argued.
Generally, all beneficiaries, including contingent beneficiaries must agree to revocation or amendment.
I agree with my colleagues that you may have a REVOCABLE Trust that becomes irrevocable at certain triggering events such as death or disability. However, if it is irrevocable then the intended purpose (estate taxes usually) has been thwarted as your degree of control over the trust is a "no-no" and no estate taxes will be saved as a result. Aside from what could be a mistakenly drafted irrevocable trust that you want to fix you can do what is known as "decanting" the trust onto a new and "properly drafted" trust. It is a court procedure to do so you will need a probate lawyer to assist you and all interested parties will have to sign off on the petition to decant.
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