5.3.7.1 Creation by Death of a Grantor of a Revocable Trust

Certain Revocable trusts which have multiple co-owners have a provision in the Trust Agreement to convert the Trust into an Irrevocable Trust on the death of any co-owner. When such a clause is triggered, the Revocable Trust receives coverage under IRR ORC. The Application identifies this treatment through the Trust Treatment Code dimension.

The amounts pertaining to such cases are treated as Non Contingent interests.