Revocable living trust

[Bob_Dirk]

This is a very broad and/or general question.

Are there any reasons why a revocable living trust cannot be revoked, rewritten or cancelled ?

The wife died and the husband is told that he cannot get to some of his investments because they are in a trust.

Thank you.

Bob Dirk

 

[Templar]

Who was the GRANTOR of the Trust ?
and
Who is now the TRUSTEE ?
and
Who are the BENEFICIARIES ?

There should be a set of documents associated with this Trust that specify how it is to be administered.

If the GRANTOR was the husband, he can probably do whatever he wants with Trust assets while he is alive, unless there are other beneficiaries.

The current TRUSTEE can also administer Trust assets to provide for the beneficiaries' needs ... but must adhere to whatever is specified in the Trust documents and follow Trust laws of the state by which this Trust is governed.

 

[eagle20]

If the wife was the GRANTOR of the Trust she had had to have TRUSTEES designated in the Trust -- while wife was alive, she was in charge of Trust; Now that she has passed on, a Trustee is in charge. Find this document -- REVOCABLE LIVING TRUST -- that the wife created and signed, and you will see who she named as a Trustee. This trustee is now in charge of this Trust -- (s)he must do what is asked of him in this Trust and because he is now in charge he should find out whether he can amend it or dissolve it if he so chooses within the law. See who is named as a Trustee.
My question to you is -- if you are to inherit anything from this Trust, do you pay taxes on all or any portion of it?