(1) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection (1) does not apply to a trust created under an instrument executed before August 7, 2013.
(2) Unless the terms of a trust expressly provide otherwise, if a revocable trust is created or funded by more than one settlor:
To the extent the trust consists of community property, the trust may be revoked byeither spouse acting alone, with regard to the portion of the trust property attributable to that settlor's contribution, but may be amended only by joint action of both spouses;
To the extent the trust consists of property other than community property, eachsettlor may revoke or amend the trust with regard to the portion of the trust property attributable to that settlor's contribution; and
Upon the revocation or amendment of the trust by fewer than all of the settlors, thetrustee shall promptly notify the other settlors of the revocation or amendment.
(3) The settlor may revoke or amend a revocable trust:
By substantial compliance with a method provided in the terms of the trust; or
If the terms of the trust do not provide a method or the method provided in the termsis not expressly made exclusive, by any other method manifesting clear and convincing evidence of the settlor's intent, which may include a later will or codicil that expressly refers to the trust or specifically devises property that would otherwise have passed according to the terms of the trust. A provision in a trust specifying a method to revoke or amend the trust does not make the specified method exclusive unless the specified method is referred to as the "sole", "exclusive", or "only" method of revoking or amending the trust or the provision includes similar language manifesting the settlor's intent that the trust may not be revoked or amended by any other method.
Upon revocation of a revocable trust, the trustee shall deliver the trust property as thesettlor directs.
A settlor's powers with respect to revocation, amendment, or distribution of trustproperty may be exercised by an agent under a power of attorney only to the extent expressly authorized by the terms of the trust or the power.
Unless the terms of a trust expressly provide otherwise, or the power to do so hasbeen expressly granted to another person, a conservator of the settlor or, if no conservator has been appointed, a guardian of the settlor, may exercise the settlor's powers with respect to revocation, amendment, or distribution of trust property, but only with the approval of the court supervising the conservatorship or guardianship.
A trustee who does not know that a trust has been revoked or amended is not liable tothe settlor or the settlor's successors in interest for distributions made and other actions taken on the assumption that the trust has not been amended or revoked.
Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1166, § 1, effective January 1, 2019.