It was formed in the early 1990. I am the sole trustee for my minor son and wish to revoke it due to a divorce several years ago.
2007-04-09 16:32:51 · 5 answers · asked by Mikey 1 in Politics & Government ➔ Law & Ethics
Irrevocable means what it says. Depends on which state you're in. Why the trust exists. If your minor son is the beneficiary, why would you want to tangle with his property?
Changing the trust likely would require a trip to guardianship court.
2007-04-09 16:36:31 · answer #1 · answered by krollohare2 7 · 0⤊ 0⤋
Irrevocable means that you can't terminate or change the trust without court permission. If there are changed circumstances, you should hire a lawyer to go to court (in Pennsylvania it would be the Orphans' Court) to change the terms of the trust. If the revocation would be to the detriment of the minor beneficiary, the Court may require the appointment of a "guardian ad litem" (typically another attorney) to represent the legal interests of the beneficiary.
There may be a possibility of terminating a trust for failure of its original purpose, refer to 20 Consolidated Pennsylvania Statutes, section 6102. This would also require hiring an attorney, going to court, and the court would probably also require you to file an accounting for confirmation.
If the trust were terminated, it must be terminated for the benefit of the beneficiary. You will not be getting your money back.
2007-04-10 00:17:50 · answer #2 · answered by Mark 7 · 0⤊ 0⤋
Depending on the State that you're in, changing it is ill-advised. It would only result in civil litigation. Irrevocable means what it says: not to be revoked or changed. My advice: once your son reaches the age of legal consent (depending on your jurisdiction), to contact a competant financial advisor and move the property, funds, etc...to an off-shore account. My recommendations at this time, as an international financial professional: British Virgin Islands, Panama and Belize. This will protect said assets from any interference by previous spouses.
2007-04-09 16:41:58 · answer #3 · answered by curlyk2002 2 · 0⤊ 0⤋
Is it your trust? You may be able to amend it. You need to talk to a lawyer in your state.
2007-04-09 16:39:46 · answer #4 · answered by Irene F 5 · 0⤊ 0⤋
No, unless you are the sole beneficiary too.
2007-04-09 17:57:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋