Revocation or amendment of revocable trust. (1) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor of the trust may revoke or amend the trust. (2) Unless the trust expressly provides otherwise, if a revocable trust is created or funded by more than one settlor: (a) 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; (b) To the extent the trust consists of property other than community property, each settlor may revoke or amend the trust as to the portion of the trust property attributable to that settlors contribution; and (c) Upon the revocation or amendment of the trust by fewer than all of the settlors, the trustee shall promptly notify the other settlors of the revocation or amendment. (3) The settlor may revoke or amend a revocable trust: (a) By substantial compliance with a method provided in the terms of the trust; or (b) If the terms of the trust do not provide a method, by any other method, except for execution of a will or codicil, manifesting clear and convincing evidence of the settlors intent. (4) Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs. (5) A settlors powers with respect to revocation, amendment or distribution of trust property may be exercised by an agent or attorney-in-fact under a power of attorney only to the extent expressly authorized by the terms of the trust. (6) The settlors conservator, or the settlors guardian if a conservator has not been appointed for the settlor, may exercise a settlors powers with respect to revocation, amendment or distribution of trust property only with the approval of the court supervising the conservatorship or guardianship. (7) A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or settlors successors in interest for distributions made and other actions taken on the assumption that the trust had not been amended or revoked. Note: Section 47, chapter 348, Oregon Laws 2005, provides: Sec. 47. Section 46 (1) of this 2005 Act [130.505 (1)] does not apply to a trust created under an instrument executed before the effective date of this 2005 Act [January 1, 2006].
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