Irrevocable Trusts
An irrevocable trust is one that cannot be terminated by the settlor once it is created. There are three general benefits of creating an irrevocable trust: 1) the income may not be taxable to the settlor, 2) the trust assets might not be subject to estate taxes, 3) for asset protection purposes, an irrevocable trust may shield the assets from creditors, spouses or lawsuits.
Those benefits may be lost if the settlor receives any income from the trust, uses trust property or assets, or otherwise exercises control over the property in a manner inconsistent with government regulations. There are many different types of irrevocable trusts, with the most common discussed under the Irrevocable Trust heading.
how can I get the money from an irrevocable trust when the trustee wants to resign for their own reasons. I did not request this relationship to change. They want to charge me 5000.00 to resign as the trustee after 38 years.
As a trustee you must first look to the trust instrument for guidance in resignation. But be forewarned - as trustee you are in a fiduciary relationship with the beneficiaries which means you owe a high level of care to those involved - resignation must be handled carefully and may need to be approved by a court. For specific advice, you should consult an estate planning or probate attorney. You may be able to pay the fees from the trust corpus.