If my brother agreed, can he give back his right as a beneficiary?

1 answer | Last updated: Sep 14, 2017
Bermuda84 asked...

My parents have an irrevocable trust. I will be getting the house and some land. My brother gets the rest. My father wants to change the trust if possible. If not he wants to go ahead and give me my portion. Is it possible for him to do that. If my brother agreed to it could he give back his right as a beneficiary?

Expert Answers

Judy and Fred co-mediate family property and financial conflicts, and each work individually as mediators as well. Judy Barber, a mediator and family business consultant, assists clients in resolving overlapping family and money conflicts so they are better able to make sound estate planning decisions. Frederick Hertz is an attorney and mediator who specializes in resolving co-ownership matters involving families, siblings, spouses, cohabitants and domestic partners.

This question can only be answered by having an attorney review the trust that your parents wrote. Some trusts are truly "irrevocable" and cannot be changed in any respect, whereas others can be changed. The answer also depends on the particular laws of your state. You should consult with the lawyer who drafted the trust, or a qualified trust attorney in your locale, to see what flexibility there is.