D. Amendment, Revocation & Termination

Question 1

What is required for Grantor to amend/execute/revoke a Revocable Trust?*

Answer 1

1) Written notice
2) To at least 1 Trustee
3) Within reasonable time
4) Grantor must NOT be sole Trustee

5) Either;
- Acknowledged by Notary
- Executed in presence of + signed by 2 Ws

NO Beneficiaries’ consent required

Question 2

What is required for Grantor to revoke an Irrevocable Trust?*

Answer 2

1) In writing
2) Executed in manner required for recording of real property conveyance

3) ALL ‘LIVING’ beneficiaries giving written consent
- Must be competent adults

Question 3

When may Court terminate Trust pursuant to Trustee/Beneficiary’s application?*

Answer 3

Continuation of Trust is economically impracticable

Express terms of Trust do NOT prohibit early termination

Termination would;

• NOT defeat Trust’s specified purpose
• Be in Beneficiaries’ best interests

Question 4

What happens when purpose of Trust ceases?

Answer 4

Trust terminates

Trustee’s estate ceases

Question 5

Is Lifetime Trust revocable?*

Answer 5

NOT revocable

- UNLESS expressly provided as revocable