Answers.com > Wiki Answers > Categories > Law & Legal Issues > Estates > Can a beneficiary give up his shares in an irrevocable trust?

Can a beneficiary give up his shares in an irrevocable trust?

In: Estates [Edit categories]

Answer:

Yes, a beneficiary is not required to receive anything they don't want.

Contributor:

Aggie80

First answer by Aggie80. Last edit by Aggie80. Contributor trust: 4974 [recommend contributor ]. Question popularity: 1 [recommend question].

[report abuse]

Can you answer these Estates questions?

	Is the members of an irrevocable trust liable for debts of the trust?	Answer it!
	What is the most famous charity?	Answer it!
	What is the estate executors fee in Delaware?	Answer it!
	Do you pay tax on inherited personal property when you sell it in new york?	Answer it!
	How does land dispute cause people to become enemy?	Answer it!

Can there be a trustee and beneficiary to a irrevocable trust?
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.
Can a beneficiary be added to an irrevocable trust?
The provisions of the trust must be followed by the trustees so a beneficiary may only be added If one of the provisions of the trust is that the trustee can add beneficiaries.
Can the trustee of the irrevocable trust be the beneficiary?
No. In order to protect the trust property from claims the beneficiary should not be their own trustee. That type of scheme makes the trust vulnerable to creditors and also makes a trust invalid in...
What happens when the beneficiary of the irrevocable trust dies?
It depends on the terms of the trust. You'll have to read the trust and find out. Sometimes, the benefits pass to the decedent's children. Sometimes, the benefits lapse. Sometimes, they pass to...
Irrevocable Trust as grantor trustee and beneficiary?
You cannot have the same person as grantor, trustee and beneficiary in any trust. There is no trust created in such a set up. The grantor in an irrevocable trust cannot be the trustee. The property...