How Do You Undo An Irrevocable Trust?
There are two basic types of trusts: revocable and irrevocable. A revocable trust can be amended by the person who set it up, while and irrevocable trust, in most cases, cannot be amended. However, there are circumstances when an irrevocable trust can be changed. Here’s how you can go about changing one. Prove that things are different from when you set up your irrevocable trust to receive the proceeds of your life insurance, so that changes in it are justified. For example, at the time your set it up, you were happily married. Today, after a messy divorce, you are happily remarried with more children, and you want to take care of your new family. Besides, the one child of your first marriage is wealthy and doesn’t need your inheritance. Or, you are still happily married but your irrevocable trust names your child, now in his 20’s, as its beneficiary if your spouse is no longer alive, and that the child should receive the proceeds in one lump sum. You’d like to change your trust to pay