Legal Question in Wills and Trusts in Massachusetts
My wife and I have an revocable living trust. We have lost about 50% of our net worth during this current recession. In researching our revocable living trust, it seems that upon my death my half of the trust becomes irrevocable. My question: Is there a way for our irrevocable living trust to roll over into an irrevocable trust with my wife listed as the sole trustee, rather than leaving her with not enough money and assets to carry on?-ty
2 Answers from Attorneys
You should bring your estate plan and trust instrument to an attorney to have it reviewed. It is quite possible that the trust does not become irrevocable until the second of you passes away. It really all depends upon how your trust is written. A revocable trust can always be revoked and modified. Please feel free to contact my office if you would like to schedule a phone or office consultation. 617-357-4898.
Retain an attorney to review your trust and advise you of your options. Good Luck!
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