Legal Question in Wills and Trusts in Illinois
Can we change a joint revocable trust to an irrevocable trust upon the death of either of the joint owners?
2 Answers from Attorneys
Usually a joint trust will have provisions that provide for the decedent's share of the trust to become irrevocable, with the surviving person's share remaining amendable/revocable.
If both persons are still living, then I would recommend creating a new document, or "restating" the old one.
If one of the persons has died, then the trust language effecting that person can usually not be changed. Again, the language of the trust document will prevail.
If both of you are alive and still have capacity to make certain financial decisions, you can change the Trust per your agreement. Feel free to call me to discuss this further. I won't charge for the phone call.