Thought Leader Series: Trust Me Your Irrevocable Trust Can Be Modified Without Going to Court
The Uniform Trust Code (“UTC”) and other state statutes ensure that no irrevocable trust is truly immutable. This presentation explores the various tools that permit settlors, beneficiaries and/or trustees to modify the terms of a noncharitable, irrevocable trust without court involvement. These tools include:
- nonjudicial settlement agreement among interested persons,
- non-judicial modification by consent of the settlor and beneficiaries,
- unilateral action by the trustee to appoint (“decant”) trust assets to a trust with different terms, and
- division of the trust into separate trusts.
To learn more about the various modification methods, please complete the form below.