Revocation or amendment of trust by settlor
Sec. 1.5. (a) This subsection applies to a trust created under an
instrument executed after June 30, 2005. Unless the terms of a trust
expressly provide that the trust is irrevocable, the settlor may revoke
or amend the trust.
(b) This subsection applies to a revocable trust created or funded
by at least two (2) settlors. Unless the terms of the trust provide
otherwise:
(1) to the extent the trust consists of community property, the
trust may be:
(A) revoked by either spouse acting alone; and
(B) amended only by the joint action of both spouses; and
(2) to the extent the trust consists of property other than
community property, each settlor may revoke or amend the trust
with regard to the part of the trust property attributable to that
settlor's contribution.
(c) The settlor may revoke or amend a revocable trust as follows:
(1) The settlor may comply with a method provided in the terms
of the trust.
(2) If the terms of the trust do not provide a method or the terms
of the trust provide a method that is not expressly made the
exclusive method to revoke or amend the trust, the settlor may
revoke or amend the trust by:
(A) executing a later will or codicil that:
(i) expressly refers to the trust; or
(ii) specifically devises property that would otherwise
have passed according to the terms of the trust; or
(B) any other method that:
(i) is in writing; and
(ii) manifests clear and convincing evidence of the settlor's
intent.
(d) If a revocable trust is revoked, the trustee shall deliver the trust
property as the settlor directs.
(e) A settlor's powers with respect to revocation, amendment, and
distribution of trust property may be exercised by an agent under a
power of attorney only to the extent expressly authorized by the
terms of the trust or the power of attorney.
(f) A guardian of a settlor may exercise the settlor's powers with
respect to revocation, amendment, or distribution of trust property
only with the approval of the court supervising the guardianship.
(g) A trustee who does not know that a trust has been revoked or
amended is not liable to the settlor or settlor's successors in interest
for distributions made and other actions taken on the assumption that
the trust had not been revoked or amended.
As added by P.L.238-2005, SEC.30.
Last modified: May 27, 2006