At Hilary Carter Law, we regularly work with trustees of revocable and irrevocable trusts to ensure that their administration of the trust complies with the terms of the trust instrument and applicable law.
During the lifetime of the person who creates the revocable trust (called a “grantor” or "settlor") generally manages the trust. If a grantor becomes ill or incapacitated, the person designated in the trust instrument as successor trustee will take over the management of the revocable trust for the benefit of the grantor.
At the grantor’s death, the revocable trust becomes irrevocable. The trustee continues to administer the trust, taking those actions necessary to pay trust creditors, prepare the trust assets for transfer to the named beneficiaries and file required tax returns.
Irrevocable trusts can be created during the grantor's lifetime or after the grantor's death. Some types of irrevocable trusts include:
- Testamentary trusts created through the grantor's will
- Trusts created at death through the grantor's (formerly) revocable
- Tax planning trusts including bypass or credit shelter trusts
and marital trusts
- Intentionally defective grantor trusts ("IDGTs")
- Charitable remainder trusts ("CRTs")
- Qualified personal residence trusts (“QPRTs”)
- Trusts for minors, disabled or incapacitated beneficiaries
- Life insurance trusts (“ILITs”)
- Special needs trusts
Trust Modification or Termination
Circumstances change and sometimes a trust instrument is not flexible enough to accommodate the necessary changes. We assist trustees and trust beneficiaries to modify trust terms or terminate a trust through non-judicial settlement agreements or court proceedings.