14-10602. Revocation or amendment of revocable trust
A. Unless the terms of a trust expressly provide that the trust is irrevocable, a settlor may revoke or amend the trust subject to any limitations prescribed in the terms of the trust.
B. If a revocable trust is created or funded by more than one settlor:
1. To the extent the trust consists of community property, the trust may be revoked by either spouse acting alone as to that spouse's share of the community property but may be amended only by joint action of both spouses.
2. To the extent the trust consists of property other than community property, each settlor may revoke or amend the trust with regard the portion of the trust property attributable to that settlor's contribution.
C. The settlor may revoke or amend a revocable trust either:
1. By substantial compliance with a method provided in the terms of the trust.
2. If the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by either:
(a) A later will or codicil that expressly refers to the trust or specifically devises property that would otherwise have passed according to the terms of the trust.
(b) Any other writing signed by the settlor manifesting clear and convincing evidence of the settlor's intent.
D. On revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs.
E. A settlor's powers with respect to revocation, amendment or 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, if the terms of the trust do not prohibit an agent from exercising powers on behalf of the settlor, to the extent expressly authorized under the power of attorney. If an agent is not so authorized and the terms of the trust do not prohibit a conservator from exercising powers on behalf of a settlor, a settlor's power to revoke, amend or distribute may be exercised by the settlor's conservator with the approval of the court supervising the conservatorship or by the settlor's guardian with the approval of the court supervising the guardianship if an agent is not so authorized and a conservator has not been appointed.
F. A trustee who does not have actual knowledge that a trust has been revoked or amended is not liable to the settlor or settlor's successors in interest for distributions made and other actions taken on the assumption that the trust had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 amended or revoked.
Section: Previous 14-10501 14-10502 14-10503 14-10504 14-10505 14-10506 14-10507 14-10602 14-10603 14-10604 14-10701 14-10702 14-10703 14-10704 14-10705 NextLast modified: October 13, 2016