despina wrote:Maybe it varies by state, but my bar notes also say, under "modification of the trust by the settlor" : "Once a valid trust has been created, the settlor may: modify the trust only to the extent that he has reserved the right to do so (though if trust was result of mistake / fraud etc, it can be rescinded or reformed)."
My bar points book is consistent and also says: "Once a valid trust has been created, the settlor may modify the trust only to the extent allowed by the terms of the trust." And: "traditionally, and in [state], once a valid trust has been created, it terminates according to its own terms and generally cannot be terminated before that by the settlor, unless the power to revoke was expressly retained."
In other words, my understanding is that the default rule is that the settlor can't modify or revoke the trust.
Maybe time to do the "ask an expert" thing?
That's really odd. Under the exact same sections of both my Outline Materials and Bar Points, it says "Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend a trust created after the effective date of the adoption of the UTC" (and then adds "Under common law, the irrevocability of a trust is presumed unless right of revocation is reserved)."
So we have "revocable
unless expressly restricted" stated as the rule in (1) my (IA) Bar Points book; (2) my Outline Materials; (3) and as the stated Qbank answer (for two separate questions on my checkpoint quiz) and conversely stated as "irrevocable
unless expressly stated" in (1) your Bar Points book; (2) your Outline materials; (3) the lecture.
Differing books by jurisdiction would make sense--but it's odd to me that the lecture and Qbank wouldn't match up even. Do you think the Qbank varies by jurisdiction too? Do you remember if you had any questions speaking to the revocability in the Checkpoint Quiz?
I'll let you know if I find anything out about it.