Q:

Can you change an irrevocable trust?

A:

Quick Answer

There are a few ways that someone can change an irrevocable trust; the easiest way is when the beneficiaries and the grantor of the trust agree to the changes. The grantor must be alive at the time of modification. This is called modification by consent.

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Full Answer

Another option to modify an irrevocable trust is a modification with the court's approval. This option is used when the grantor either cannot or will not consent to the modifications proposed by the beneficiaries. A decanting, or distribution of trust assets, is another option. This provides a trustee with the power to modify an irrevocable trust without the involvement of the courts or beneficiaries.

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Related Questions

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    Where can you download the IRS form for an irrevocable trust?

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    Download the IRS form for an irrevocable trust from the official website for the Internal Revenue Service, according to the IRS's official website. The form, which is Form 706-GS(T), is available in both HTML and PDF formats. PDF forms are printable only if Adobe Acrobat Reader is installed on the computer of the person downloading the form.

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    What is a family trust?

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    A family trust is an allocation of funds or assets made to the beneficiaries with some conditions attached, according to USA.gov, the U.S. government's official web portal. The family trust is managed by the trustee who has the power to release funds to the beneficiary if the conditions of the trust are met.

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    What is an irrevocable living trust?

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    How is an irrevocable living trust used in estate planning?

    A:

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