How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask RayAnswers Your Own Question
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 36954
Experience:  Texas lawyer for 30 years in Estate law
8534270
Type Your Estate Law Question Here...
RayAnswers is online now
A new question is answered every 9 seconds

How can I probably go from irrevocable to living trust? I need to get at this money and I

Customer Question

how can I probably go from irrevocable to living trust? I need to get at this money and I was mis-advised on this as I see now.
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.
H i and welcome to JA. I am Ray and will be the expert helping you tonight. Wisconsin law states that a non-charitable irrevocable trust may be modified or terminated upon the consent of all the beneficiaries and the settlor, even if the modification or termination is inconsistent with a material purpose of the trust. A non-charitable irrevocable trust may also be terminated or modified upon the consent of all the beneficiaries if a court concludes that the modification is not inconsistent with a material purpose of the trust. If all of the beneficiaries do not consent, a court may still modify or terminate the trust if the court determines that if all the beneficiaries had consented the trust could have been modified or terminated and the interests of the beneficiaries who did not consent are adequately protected. In addition, a court may modify or terminate a trust because of unanticipated circumstances, the inability to administer the trust effectively, to reform mistakes of law or fact, and to achieve the Grantor’s tax objectives. So to summarize if the settlor and all beneficiaries agree then it can be modified by agreement otherwise you need a local lawyer where trust was created to motion the courts to allow it to be modified by court orders. But overall Wisconsin through passage of their Trust Code allows for modification here either by agreement or through the courts.You may need a local lawyer to file motion with courts for court approval unless here is total agreement between settlor (person who created trust)and beneficiaries.. Reference--see subchapter 4 on modifcation.. http://www.wisbar.org/newspublications/wisconsinlawyer/pages/article.aspx?Volume=87&Issue=6&ArticleID=11592 Trust lawyers to motion the court here. http://www.hg.org/law-firms/estate-and-trust/usa-wisconsin.html I appreciate the chance to help you tonight.Please let me know if you have more follow up.Thanks again.

Related Estate Law Questions