This is an agreement between grantor and trustees for the purpose of establishing an irrevocable trust. The agreement states that the trustees shall hold and administer the income and principle of the trust for the benefit of the grantors wife and child, and any other children of the grantor born after the execution of the agreement.
Bronx New York Trust Agreement - Irrevocable
Category:
State:
Multi-State
County:
Bronx
Control #:
US-00648
Format:
Word;
Rich Text
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FAQ
The creation of an Irrevocable Trust allows you to place your home and any non retirement asset you wish to protect into a Trust to be managed by a third-party Trustee according to the provisions of your Trust. If you are the grantor of an Irrevocable Trust, neither you nor your spouse may function as the Trustee.
To sum up, trusts in New York do not have to be recorded and can be kept private. Call the Law Offices of Albert Goodwin at (212) 233-1233, New York estate, guardianship, wills, trust, Medicaid and probate lawyer, and make an appointment to discuss your trust issue.
According to New York Estates, Powers & Trusts Article 7, a grantor can terminate an irrevocable trust if the grantor is able to obtain the consent of all of the parties who have a beneficial interest, in the trust.
The current California Probate Code Section 15403, which now governs a court's ability to terminate or revoke an irrevocable trust, reads as follows: (a) Except as provided in subdivision (b), if all beneficiaries of an irrevocable trust consent, they may petition the court for modification or termination of the trust.
New York law allows a settlor to amend or revoke an irrevocable trust if he/she obtains the informed, express consent permission of the beneficiaries. If the beneficiaries include a minor, the law forgoes the need for informed, express consent of the minor if the amendment or revocation is beneficial to the minor.
Can an Irrevocable Trust Be Contested? While the contents of an irrevocable trust cannot generally be revoked or amended, especially not by the settlor, they can be contested on the same grounds that any trust can be contested which can ultimately lead to a trust or trust amendment being nullified.
The New York Estates, Powers and Trusts Law provides that an irrevocable trust can be revoked provided all those with a beneficial interest agree.
Irrevocable trusts are private documents and not subject to public record.
As discussed above, irrevocable trusts are not completely irrevocable; they can be modified or dissolved, but the settlor may not do so unilaterally. The most common mechanisms for modifying or dissolving an irrevocable trust are modification by consent and judicial modification.
After the grantor of an irrevocable trust dies, the trust continues to exist until the successor trustee distributes all the assets. The successor trustee is also responsible for managing the assets left to a minor, with the assets going into the child's sub-trust.