can an irrevocable trust be terminated earlier than its terms require, provided all beneficiaries and the settlor agree?

Asked on March 16, 2012 under Estate Planning, Oklahoma

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Generally speaking, the terms of the trust will govern.  Now, that being said, state law will also play a part.  If the state of Oklahoma allows an irrevocable trust to be revoked - and usually it is with the consent of the beneficiaries and the settlor - then yes, it can be revoked.  Take it to an attorney in your area that deals with trust and estates and estate planning and let him or her read it.  Good luck.


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