Monday, June 20, 2022
In Iowa, a trust agreement executed after July 1, 2000 is presumed revocable and can be modified or revoked by the settlor unless the terms state that it is to be irrevocable. Iowa Code provides that an irrevocable trust can be modified with the consent of the settlor and all beneficiaries, which must include all of the settlors, not just the surviving settlor.
Another option is for a surviving settlor to modify the irrevocable trust with court approval, even if all beneficiaries consent to the change.
For more Information:
See “Iowa Supreme Court: Surviving Settlor Cannot Modify Irrevocable Trust Without Court Approval”, Probate Stars, May 2022.