If our house is in an irrevocable trust inour children’s names, what happens if we divorce?
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If our house is in an irrevocable trust inour children’s names, what happens if we divorce?
Do I give up any rights if I leave the house? We control it.
Asked on August 5, 2011 Pennsylvania
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
An irrevocable trust is a trust that cannot be changed by the trustor as compared to a revocable trust that can be changed by the trustor.
If the home that you and your spouse own is in an irrevocable trust, the terms of the trust cannot not be changed, but the trust may have terms within it to deal with a situation of the trustor spouses' divorce and how items designated within the trust are to be handled.
Most wills and estate attorneys do not recommend irrevocable trusts for the very reason why you have submitted your question. Situations between the spouses may change over time due to health, the economy and family relationships. In the event of a divorce, you need to read the terms of the irrevocable trust that you have because all trusts have different terms and conditons.
You should consult with the attorney who drafted your current irrevocable trust.
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
An irrevocable trust is a trust that cannot be changed by the trustor as compared to a revocable trust that can be changed by the trustor.
If the home that you and your spouse own is in an irrevocable trust, the terms of the trust cannot not be changed, but the trust may have terms within it to deal with a situation of the trustor spouses' divorce and how items designated within the trust are to be handled.
Most wills and estate attorneys do not recommend irrevocable trusts for the very reason why you have submitted your question. Situations between the spouses may change over time due to health, the economy and family relationships. In the event of a divorce, you need to read the terms of the irrevocable trust that you have because all trusts have different terms and conditons.
You should consult with the attorney who drafted your current irrevocable trust.
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