Trusts

Question 1

modification of a trust

Answer 1

revocable trust: can be modified (or terminated) by settlor:
— by complying w/ terms of trust
— if trust terms silent, by (i) a later will or codicil or (ii) any other method manifesting settlor’s intent

irrevocable trust:
— Consent of all beneficiaries, if consistent with material purpose of trust

— Consent of all beneficiaries and the settlor, even if inconsistent with material purpose of trust