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Irrevocable Trust

An irrevocable trust is a trust that may not be changed or modified once it is created without the permission of the court. The individual who creates the irrevocable trust loses the ownership of all the assets that they have attached to the trust. There are certain laws that govern irrevocable trusts and there could be a lot of aspects about them that the common man may not know. It is important to understand these well, however, in order to know how to manage a trust like this properly. Given below are popular questions about an irrevocable trust answered by the Experts.

Can the grantor or creator of an irrevocable trust be the trustee of the trust as well?

The creator or grantor of an irrevocable trust may be the trustee of the trust as well. The trustee is the legal owner of the trust’s property and looks after the administration of the trust.

Can a property with a lien or mortgage on it be placed in an irrevocable trust?

It may be possible to place a property with a lien or mortgage on it in an irrevocable trust. However, when the property is transferred to the trust, it may trigger the “due on sale” clause. This means that the mortgage company may demand payment within 30 days of the transfer of the property. Hence, it may be better to transfer the property with a lien or mortgage on it into an irrevocable trust only if there are enough funds to pay the mortgage.

Would a property from an irrevocable trust be taxed if it is distributed among the beneficiaries but not sold?

A property from an irrevocable trust that is distributed among the beneficiaries but not sold may not be taxed. In most situations, after the final distribution, the assets may not be taxed until there is a profit made by the sale of the assets.

Can an irrevocable trust be changed to a revocable trust?

An irrevocable trust may be changed to a revocable trust only if the court gives consent to this change. The grantor and beneficiaries’ consent may not be enough to change the trust from irrevocable to revocable. The court may grant consent to this change if there is a strong reason to approve the change.

Can the trustee of an irrevocable trust sell the assets of the trust after the death of the creator of the trust?

A trustee of an irrevocable trust may not have the right to sell the assets of the trust on the death of the creator of the trust. They may have the fiduciary duty towards the creator and the beneficiaries of the trust to look after it and manage it according to the trust agreement. If the trustee tries to modify the trust or sell it, a lawsuit may be filed against them and they may be fired from being the trustee of the irrevocable trust.

Managing an irrevocable trust may not be an easy task. There are a lot of aspects of an irrevocable trust that you may need to know if you are a trustee or a beneficiary of one. In such a case, it may not be a practical thing for you to hire an attorney merely to get answers to a few questions. Put your questions to an Expert instead for professional insights and information that will help with your case.

Ask an Estate Lawyer

Thomas McJD
Thomas McJD, Attorney
Category: General
Satisfied Customers: 3170
Experience:  Wills, Trusts, Probate & other Estate Matters
19305272
Type Your Estate Law Question Here...
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2 Estate Lawyers are Online Now

How JustAnswer Works:

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    Rate the answer you receive.

Estate Lawyers are online & ready to help you now

Thomas McJD
Attorney
Satisfied Customers: 3076
Wills, Trusts, Probate & other Estate Matters
Infolawyer
Attorney
Satisfied Customers: 3781
Licensed attorney helping individuals and businesses.
Barrister
Attorney
Satisfied Customers: 2188
13 yrs estate law, real estate. Wills/Trusts/Probate

Recent Irrevocable Trust Questions

  • My husband has a revokable trust. The property mentioned is

    My husband has a revokable trust. The property mentioned is no longer owned. We were not married at the time of the last update--so it shows my previous last name. The investments mentioned--he INTENDS for the assets to be distributed 3-ways--between me (spouse) and his 2 sons. However his revokable trust says that the asset cannot have any amount distributed without the agreement of the 3 people listed. HE says the existing revokable trust is null and void. I say it needs to be legally revised. Your advice?
  • this question is for Law Educator, Esq. my father is no

    this question is for Law Educator, Esq. my father is no longer able to live alone. he has a farmhouse and 3 1/2 acres assessed ten years ago for @ 250k that i'd like to keep in the family. the threat is that his assets must go to the long term care of
    his wife currently in a nursing home. is there a way around the five year look back? i.e. may he gift the property to his grandchildren without penalty?
  • A lump sum payment from several annuity accounts was received

    A lump sum payment from several annuity accounts was received by the irrevocable trust created at the death of the revocable trust's grantor. I realize this may be too complex for a detailed answer, so a general response is all I'd like. Will this sum be taxed to the grantor's income tax for the year or to the estate/trust? Our state has no "estate tax" per se.
    Thank you.
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