How a Real Estate Business Hired a Lawyer to Draft a Trust in Tennessee

As the Trustee, you have a fiduciary responsibility to manage and protect trust assets, so it is good on you that you are wanting to take action. However, what you are able to do largely depends on the type of trust (revocable or irrevocable) and the explicit terms of the trust. Generally, a revocable trust may be modified by the settlor at any time. So, if you are the trustee and also the settlor, you have the inherent authority to make modifications to the beneficiaries. If it is an irrevocable trust, it may be modified with the consent of all parties (beneficiaries including the beneficiary that you want removed) or by order of the Court.

There are numerous forms of Trust that are available depending on the specific assets and your unique goals. Generally speaking, the two main types of trusts are Revocable and Irrevocable. WIth a Revocable Trust, just like it sounds, as trustee you can remove the assets at some point if you so chose, but if you are to pass away or become incapacitated at some point, it reverts to being Irrevocable. An Irrevocable Trust is one in which the grantor transfers all ownership interests to the Trust itself and this act is irreversible. As I am sure you guessed, there are a myriad of ways that your goals can be achieved and I would be happy to provide a free consultation to discuss your situation and possible solutions.