Revocable trusts

Question 1

Under the UTC, all inter vivos trusts are…

Answer 1

revocable and amendable by the settlor UNLESS the trust provides that it is irrevocable and cannot be amended

Question 2

A guardian or conservator can revoke or amend a revocable trust on behalf of settlor only if… (2 things)

Answer 2

authorized by the trust instrument AND w/ court approval

Question 3

An agent under a durable power of atty can revoke or amend a revocable trust only if…

Answer 3

authorized by the trust terms or by the power of atty

Question 4

A testamentary gift (in will) to a trust is called…

Answer 4

a pourover will

Question 5

For a pourover will, does trust need to be in existence before or executed concurrently with will?

Answer 5

NO; can be created after will signed (basically an exception to incorporation by reference rule of wills law)

Question 6

Amendment to trust must be..

Answer 6

in writing in signed (but don’t need witness)

Question 7

Can creditors reach assets in a revocable trust?

Answer 7

YES but only if probate estate exhausted

Question 8

After settlor’s death, an action contesting the validity of a revocable trust must be brought within the earlier of…

Answer 8

1) 2 years after settlor’s death or
2) 120 days after trustee sends person a copy of trust instrument, trustee name and address, and a notice of the time allowed for contesting the trust