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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.
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Recent Irrevocable Trust Questions

  • I have a irrevocable trust for my husband in assisted living

    I have a irrevocable trust for my husband in assisted living he me to give him a debit card for that. I say no the trust is for your care and needs and what is they take out leaves me about 900.0Can he legaley go to bank and take out money.
  • I was a partner in an irrevocable trust that my ex husband

    I was a partner in an irrevocable trust that my ex husband formed in order to gift to our children. I never relinquished my partnership when during divorce proceedings. Would I still be a partner in this irrevocable trust
  • I am the trustee of my fathers irrevocable trust. My father

    I am the trustee of my father's irrevocable trust. My father gifted the family home to my brother with the verbal understanding that my brother would receive the house as a gift, but my brother would give a certain amount of money to each of my dad's grandchildren. My brother verbally agreed. After the title change, my brother refused to honor his agreement. The trust says each of my dad's children will receive equal distribution of the assets of the trust. Before my dad died, he wrote a letter, stating that when he dies, the portion of the trust that would go to my brother would be reduced by the amount my brother agreed to give to each grandchild, but then reneged on. He also made a video to support the letter so no one would challenge my dad's lucidity at that time. Can the trustee legally decrease the brother's portion, allowing him less than the other beneficiaries?
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