TITLE II DESCENT AND DISTRIBUTION, WILLS, ESTATES OF DECEASED PERSONS AND ABSENTEES, GUARDIANSHIP, CONSERVATORSHIP AND TRUSTSPrev Next
[Text of section applicable as provided by 2012, 140, Sec. 66.]
Section 602. Revocation or amendment of revocable trust
[Subsection (a) applicable as provided by 2012, 140, Sec. 64.]
(a) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust.
(b) If a revocable trust is created or funded by more than 1 settlor:
(1) to the extent the trust consists of community property, the trust may be revoked by either spouse acting alone but may be amended only by joint action of both spouses;
(2) to the extent the trust consists of property other than community property, each settlor may revoke or amend the trust with regard to the portion of the trust property attributable to that settlor’s contribution; and
(3) upon the revocation or amendment of the trust by fewer than all of the settlors, the trustee shall promptly notify the other settlors of the revocation or amendment.
(c) The settlor may revoke or amend a revocable trust:
(1) by complying with a method provided in the terms of the trust; or
(2) if the terms of the trust do not provide a method, by any method manifesting clear and convincing evidence of the settlor’s intent.
(d) Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs.
(e) A settlor’s powers with respect to revocation, amendment or distribution of trust property may be exercised by an agent under a power of attorney only to the extent expressly authorized by the terms of the trust and the power.
(f) A trustee who does not know that a trust has been revoked or amended shall not be liable to the settlor or settlor’s successors in interest for distributions made and other actions taken on the assumption that the trust had not been amended or revoked.