§ 35-15-601. Capacity of Settlor of Revocable Trust — Form of Execution for Post-Death Disposition
The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will. To be effective as a post death disposition of property transferred during the transferor’s life or by the transferor’s […]
§ 35-15-602. Revocation or Amendment of Revocable Trust
Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection (a) does not apply to a trust created under an instrument executed before July 1, 2004. If a revocable trust is created or funded by more than one (1) settlor: To the […]
§ 35-15-603. Settlor’s Powers — Powers of Withdrawal
While a trust is revocable and the settlor has capacity to revoke the trust, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor. If a revocable trust has more than one (1) settlor, the duties of the trustee are owed to all […]
§ 35-15-604. Limitation on Action Contesting Validity of Revocable Trust — Distribution of Trust Property
A person may commence a judicial proceeding to contest the validity of a trust that was revocable immediately preceding the settlor’s death within the earlier of: Two (2) years after the settlor’s death; or One hundred twenty (120) days after the trustee sent the person a copy of the trust instrument and a notice informing […]
§ 35-15-605. Written Statement or List to Dispose of Items of Tangible Personal Property
A revocable (living) trust that becomes irrevocable upon the death of its settlor may refer to a written statement or list to dispose of items of tangible personal property not otherwise specifically disposed of by the revocable trust, other than money, evidences of indebtedness, documents of title, securities, and property used in a trade or […]