North Carolina § 36C-6-602 - Revocation or amendment of revocable trust.

§ 36C-6-602. Revocation or amendment of revocable trust.

Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust without regard to the actual capacity of the settlor. This subsection does not apply to a trust created under an instrument executed before the effective date of this Chapter. 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 by either spouse acting alone but may be amended only by joint action of both spouses; and To the extent the trust consists of property other than community property, each settlor may revoke or amend the trust with regard to the portion of the trust property attributable to that settlor's contribution. 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 terms is not expressly made exclusive, by: 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; or By oral statement to the trustee if the trust was created orally; or Any other written method delivered to the trustee manifesting clear and convincing evidence of the settlor's intent. Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs. Repealed by Session Laws 2007-106, s. 21, effective October 1, 2007. Repealed by Session Laws 2007-106, s. 22, effective October 1, 2007. A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or settlor's successors in interest for distributions made and other actions taken on the assumption that the trust had not been amended or revoked. History (2005-192, s. 2; 2007-106, ss. 21, 22.)