Generally, no. Most living or revocable trusts become irrevocable upon the death of the trust’s maker or makers. This means that the trust cannot be altered in any way once the successor trustee takes over management of it.

What if my trustee dies?

When a trustee dies, the successor trustee of the trust takes over. If there is no named successor trustee, the involved parties can turn to the courts to appoint a successor trustee. If the deceased Trustee had co-trustees, the joint trustees take over the trust without involving the courts.

What happens when the grantor of a revocable trust dies?

Where the grantor was their own trustee, their social security number was the tax identification number and the trust income was simply reported on their annual 1040 tax return. But in an irrevocable trust (which is the case where the grantor of a revocable trust dies), the trust is required to report income under its own tax identification number.

How does SEC 645 affect a revocable trust?

To reduce the number of separate income tax returns that may be required after the death of the grantor, the trustee of a former revocable trust and the estate’s executor may consider a Sec. 645 election to treat certain revocable trusts as part of the estate.

What happens if more than one person is named as successor trustee?

If more than one person is named in the trust document as successor trustee, they all serve together. The trust document may require them all to agree before taking any action with regard to the living trust property, or it may allow them to act independently. If one of the trustees cannot serve, the others remain as trustees.

Do you need an EIN for a revocable trust?

In theory, the need for obtaining a separate EIN for the trust after the grantor’s death (and therefore the need for opening new accounts) can be eliminated if the revocable trust does not use the grantor’s SSN as its TIN during the grantor’s life, but rather has its own EIN even prior to the grantor’s death.