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Guide to Living Trusts

 

 

Is anyone entitled to see your living trust? This depends upon whether the trust is revocable or irrevocable.

 

An irrevocable trust can be seen by others since irrevocable trusts cannot be changed or amended. But, there are some exceptions where the person who creates the trust, the person who carries out the terms of the trust, and all the beneficiaries agree in writing to a change or amendment. This would sometimes require court review and approval.

 

Irrevocable trusts are etched in stone, so the law recognizes the named beneficiaries as having certain rights, including the right to receive a copy of the trust.

 

One the other hand, revocable trusts may be amended or revoked by the person who created the trust (the trustor) and the beneficiaries therefore have no assurance that the trustor will not later change his or her mind and remove one or more persons as beneficiaries. Since they have no vested interest, they have no right to receive a copy of the trust.

 

However, when the trustor passes away, the revocable trust becomes an irrevocable trust. Only the trustor has the right to make changes to a revocable trust. When the trustor dies, the trust becomes etched in stone.

 

If the trustor becomes mentally incapacitated and no longer able to understand what a trust is, what assets he or she owns, or who the beneficiaries are or could be, then the trust becomes irrevocable. Here, a beneficiary could argue that the trustor's diminished mental capacity will to be reversed and will only progressively get worse, and therefore the trust becomes irrevocable and the beneficiary is entitled to receive a copy of the trust. To learn more guidelines regarding living trust, you can visit http://wowwiki.wikia.com/wiki/Legal_Documents.

 

In rare cases, a beneficiary desiring to see the trust might petition the court for that right, but may meet strenuous objection from the trustee who doesn't feel that it is proper to disclose the terms of the trust. The trustee can argue that the trustor's diminished mental capacity is not substantial and that future medical treatment and proper medication will improve his or her capacity.

 

This can become very litigious. Both sides will be presenting medical experts' testimonies to convince the judge of the trustor's capacity of the lack of it. If a trust has become irrevocable either by death or mental incapacity, a beneficiary who wants to see the trust can simply make a written request to the trustee. If the trustee refuses, then a petition can be filed with the court asking that the judge order the trustee to provide complete copy of the trust.

 

The vast majority of revocable living trusts at this homepage run smoothly and doesn't require any court intervention.You can also find local living trust providers at https://www.legallistings.us/