D.C. Mun. Regs. tit. 9, r. 9-528

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 9-528 - REVOCABLE TRUSTS

528.1

The term "revocable" shall mean that the grantor, settlor, transferor, creator or trustor of the trust has the right to recover property transferred to the trust and to end the trust at any time, thereby regaining absolute ownership of the trust property.

528.2

A trust is revocable if the grantor, settlor or trustor expressly reserves the power to revoke the trust under the terms of the trust instrument.

528.3

If a power to revoke is not expressly reserved, the revocability of the trust is determined under the law governing the trust. Trusts created under District law prior to March 10, 2004 are presumed irrevocable, while District trusts created on or after that date are presumed revocable.

528.4

The grantor, settlor, transferor, creator or trustor of a revocable trust is deemed to be the present beneficiary of the trust.

528.5 For purposes of determining eligibility for the reduced rate of recordation tax provided under Section 303(e) of the District of Columbia Deed Recordation Tax Act of 1962, approved March 2, 1962 (76 Stat. 11; D.C. Official Code § 42-1103(e) (2013 Repl.)), the grantee of a deed conveying real property to a revocable trust (as defined under this section), or the trustee of such a trust, shall be deemed to be the individual grantor, settlor, transferor, creator or trustor of such trust, and the determination of entitlement to the reduced tax rate shall be made based upon such individual without regard to the existence of such revocable trust.

D.C. Mun. Regs. tit. 9, r. 9-528

Final Rulemaking published at 64 DCR 1453 (2/9/2018); amended by Final Rulemaking published at 65 DCR 3402 (3/30/2018)