Legal Question in Wills and Trusts in Colorado

can a settlor bring an action to reform an ilit? The current trustees want to resign and the new trustee (corporate) will not take trust until certain provisions are reformed.


Asked on 3/18/11, 9:53 am

1 Answer from Attorneys
Gary C. Johnson Attorney Gary C. Johnson

An ILIT, by its nature, is irrevocable. However it often contains language to address when trustees no longer wish to serve. In other words, it depends on the language of the ILIT.

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Answered on 3/26/11, 12:56 pm


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