Generally, an irrevocable trust is titled 'irrevocable' or is designated as such somewhere in the first few paragraphs.
Provisions of a living trust remain valid as long as you stay alive, but the benefactors of your estate are not bound by these provisions once you have died. An irrevocable trust binds the benefactors of your estate to the trust's provisions.
By their very nature an irrevocable trust is very difficult to "undo". You need to consult with an attorney who is an expert in trust law in your state and also an expert in federal tax laws. You can gain some background regarding the difficulty of disabling irrevocable trusts at the link below.
That means the provisions of the trust agreement cannot be changed.
Revoking a trust means it goes back to the grantor. Who is, in your example, deceased.I trust (no pun intended ... well, maybe a little bit) you see the problem here.Essentially, the distinction between a revocable and irrevocable trust vanishes when the grantor dies.
No. You cannot maintain any control over the assets in a irrevocable trust. Doing so will cause the trust to fail and leave you exposed to creditors and taxes.
We own the house my brother and me and I would to know if you can borrow on it. Thank You
Generally, an irrevocable trust is titled 'irrevocable' or is designated as such somewhere in the first few paragraphs.
What is the difference between credit shelter trust and irrevocable trust?
no
No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.No. A testamentary trust is irrevocable. The maker is deceased and cannot revoke it.
you'd need to get a Loan against the house
if a settlor of an irrevocable trust feels that he was not properly informed by his attorney of all the restrictions what can he do
Can you protect your assets from bankruptcy by placing them in an irrevocable trust?
An irrevocable trust cannot be added to the deed of a house. Once assets like a house are placed within an irrevocable trust, they are owned by the trust and not the individual, so they cannot be added to the individual's deed.
You can get information on what a irrevocable trust is at the following sites I found for you to have a look at www.dummies.com/.../revocable-versus-irrevocable-trusts.htm ,en.wikipedia.org/wiki/Trust_law
The biggest difference between the trusts is that the Living Trust is revocable and can be changed over time. For detailed information visit: http://www.ultratrust.com/revocable-trusts-vs-irrevocable-trusts.html