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Can A Irrevocable Trust Cannot Be Revoked Under Mutual Consent
31-May-2023 (In Wills / Trusts Law)
An irrevocable trust has been revoked under mutual agreement of the beneficiaries. Almost all direction of trust has been fulfilled and the last direction says that both beneficiaries hold 50 50 of the existing property. Now they mutually agreed and divided the property amongst themselves after revocation of the trust. So, is this legally acceptable
Hi. From the narrow conspectus of facts narrated by you, I am presuming that the trust is a private trust. Being a private trust it is governed by the Indian Trust Act, 1882. Extinction/revocation of a revocable trust are provided in sections 77 and 78 of the Act. The Act does not provide for a situation or manner for an irrevocable trust to be revoked. However case laws suggest that it can be revoked with the consent of the beneficiaries. As you have mentioned that the trust has been revoked with the consent of the beneficiaries then In my opinion the same is valid in law. Therefore the corollary would be that the agreement for division of property would also be valid in law.
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Adv. Shreyans Singhvi
Delhi | 100+ Answers
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A legally irrevocable trust can never be revoked, the registrar may send you notices at a later point of time for voilation of law. However, there are others ways by which you could remove the funds from the trust, you could schedule an appointment and know what are the laws that govern trusts in India.
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Adv. Saket Bisaani
Bangalore | 100+ Answers
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