Can a co-trustee be removed from an irrevocable trust?

To remove the trustee of an irrevocable trust, a court must get involved. To start the process, a party with an interest in the trust (like a beneficiary or a co-trustee) must file a petition with the appropriate court requesting that the court remove the trustee.

When does a trust in New York become irrevocable?

If some of the parties are not available or are minors, contact a New York estate attorney. Even a trust that is expressly stated to be revocable becomes irrevocable upon the death of the settlor/grantor, the person who made the trust. Can You Revoke or Modify a New York Irrevocable Trust?

Can a trust be domiciled outside of New York?

If the first prong has been satisfied because the trustee is domiciled outside New York, then all of the trust’s intangible assets are deemed sitused outside New York. So long as the trust does not have any hard assets in New York, such as real property, cars, or antiques, the second prong will also be satisfied.

What can you do with an irrevocable trust?

At its most basic level, Asset Protection and Estate Planning with an Irrevocable Trust stems from this fact: if properly drafted a person can give assets to an Irrevocable Trust and his future creditors cannot take that asset. The Grantor no longer owns the asset; the Trust owns the asset.

Can a trust have no New York source income?

For instance, if the trust receives a Schedule K-1 showing $100 of New York source income and $150 of New York source loss, can the amounts be netted with the end result that the trust does not have New York source income? For now, that remains a gray area.

If some of the parties are not available or are minors, contact a New York estate attorney. Even a trust that is expressly stated to be revocable becomes irrevocable upon the death of the settlor/grantor, the person who made the trust. Can You Revoke or Modify a New York Irrevocable Trust?

What happens when a grantor names multiple trustees?

When a grantor names multiple trustees, or co-trustees, they are responsible for co-managing the trust’s assets. It is important to know what and how much power each co-trustee has over the management of the trust’s assets.

Can a beneficiary enforce their rights under an irrevocable family trust?

If beneficiaries want to enforce their rights under an irrevocable family trust, they may do so. However, to do it successfully, they must understand the details of their state law with regard to estate planning. This portion of the site is for informational purposes only.

When do you become a co-trustee of a family trust?

You are happy to help. You are later added as co-trustee when Aunt Joan falls ill. Sadly she passes away and a couple of months later Uncle Dan moves the funds into his own trust and starts spending them. You don’t concern yourself too much but something is gnawing at you.