meaning of: reserved thereunder to the Grantors, shal lnot be exercisable by the surviving Grantor acting alone upon the death of the other Grantor
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meaning of: reserved thereunder to the Grantors, shal lnot be exercisable by the surviving Grantor acting alone upon the death of the other Grantor
does this mean that once one Grantor passes away the other Grantor has not authority to change the Trust?
Asked on May 11, 2009 under Estate Planning, Indiana
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Your best interpretation is to include the entire provision (so a review can be made of this segment in context). Generally, though, you are correct.
1. " Reserved thereunder to Grantors" means whatever it is (A right, service, object) is reserved to the grantors . A grantor trust is a trust wherein the grantors (makers) retain control over the management of trust assets and distribution of income.
2. So, therefore, one remaining Grantor cannot act alone (which tells me there has to be either an automatic end to this trust due to an automatic efficacy of another trust or then a new grantor (probably trustee) will be added to this grantor trust.
https://law.freeadvice.com/estate_planning/trusts/trustee_trust_beneficiary.htm
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