What are the considerations when naming a successor trustee?

May 12, 2023 ... Life estates and irrevocable trusts are two legal tools you can use to protect your assets for future generations. Nov 28, 2023 ... When you place assets in an irrevocable trust, the transfer of assets is permanent. You no longer have an interest in or control over those ... Apr 28, 2017 ... In brief, it allows you to revoke, or change, the terms you have set up for the trust as long as the law says you are still competent and can ... Modification or termination of noncharitable irrevocable trust by consent. A. If upon petition the court finds that the settlor and all beneficiaries consent to ... Jul 11, 2023 ... An irrevocable trust is a trust the creator (the "grantor") cannot change or revoke. Creators give up control of the assets they put into ... A noncharitable irrevocable trust may be modified or terminated upon consent of the settlor and all beneficiaries, even if the modification or termination is ... Aug 26, 2022 ... An irrevocable trust can protect assets against nursing home costs and creditors. It can also act as part of the estate plan by including distribution ... An Irrevocable Trust is a trust that contains at least one provision that the Trustmaker does not have the power to modify by themselves. A noncharitable irrevocable trust may be modified upon consent of all of the beneficiaries if the court concludes that modification is not inconsistent with a ... (6) the applicability of Section 112.038. (c) The terms of a trust may not limit any common-law duty to keep a beneficiary of an irrevocable trust who is 25 ...