An irrevocable and unamendable
trust can be revoked or amended during the life of the grantor under certain
limited circumstances. New York's Estate Powers and Trust Law (EPTL) provides
in Section 7-1.9 that upon the written acknowledged consents
of all persons beneficially interested in a trust...
Often the settlor of a lifetime
revocable trust is the only person who has an interest in the income and
principal of the trust during his or her lifetime. Sometimes the settlor of
such a trust is the sole trustee or serves with another. In other
circumstances, there are trustees other than the settlor...
By Peter K. Kelly |
Leonore Abels in her Will provided that her residuary pass in trust for her husband Joel Abels and, in the alternative should he predecease her, all of her property be sold, except her house, and held by the trustee to maintain her home, to pay a salary and bonus to her housekeeper...