P
patmar
Guest
What is the name of your state?
Texas
Iam an only child, (married w/ prenuptial agreement), inheritor of my parents' large estate and have a special needs grown child. When my last parent died, I allowed an irrevocble trust to be set up with me as grantor. Prior to the last parent's death, that parent had also set up an irrevocable trust. Created within my irrevocable trust is a special needs trust for my child. There is also a small charitable remainder trust that was created when my irrevocable trust was drawn up. The person I selected as trustee is not working out to my satisfaaction. I did not understand the details of the irevocable trusts as I do now and this trustee has the right to name the charity of his choice and name succesor trustees. I also made this person the executor of my estate and gave him a grreat many ppowers I now regret. I would like to change trustees at the least, or moreover, change the type of trust to revocable if possible. At present I have no say concerning the monies held in these trusts, their disttribution and dispersement, and very little negotiating power with the trustee. The current trustee is unwilling to step down much less even think of changing the type of trust(s) tthat were created due to his advice. If an irrevocable trust is indeed irrevocable as the Court and law would see things, then I would settle for having a reputable bank take over as trustee. My current trustee at the beginning that i I wouls be able to change trustees, However, he has refused to consider the matter. I have hired an attorney who will rewrite my will and try and do what he can. I would appreciate any information regarding circumstances in which an irevocable trust can be ammended or changed to a revocable trust and any other recourses available to me in this situation. Thank you. Patmar
Texas
Iam an only child, (married w/ prenuptial agreement), inheritor of my parents' large estate and have a special needs grown child. When my last parent died, I allowed an irrevocble trust to be set up with me as grantor. Prior to the last parent's death, that parent had also set up an irrevocable trust. Created within my irrevocable trust is a special needs trust for my child. There is also a small charitable remainder trust that was created when my irrevocable trust was drawn up. The person I selected as trustee is not working out to my satisfaaction. I did not understand the details of the irevocable trusts as I do now and this trustee has the right to name the charity of his choice and name succesor trustees. I also made this person the executor of my estate and gave him a grreat many ppowers I now regret. I would like to change trustees at the least, or moreover, change the type of trust to revocable if possible. At present I have no say concerning the monies held in these trusts, their disttribution and dispersement, and very little negotiating power with the trustee. The current trustee is unwilling to step down much less even think of changing the type of trust(s) tthat were created due to his advice. If an irrevocable trust is indeed irrevocable as the Court and law would see things, then I would settle for having a reputable bank take over as trustee. My current trustee at the beginning that i I wouls be able to change trustees, However, he has refused to consider the matter. I have hired an attorney who will rewrite my will and try and do what he can. I would appreciate any information regarding circumstances in which an irevocable trust can be ammended or changed to a revocable trust and any other recourses available to me in this situation. Thank you. Patmar