Spinning Straw into Gold: Modifying Irrevocable Trusts

Overview

Estate planners have also sought ways to modify trusts that are irrevocable as a result of changed circumstances or because the planner’s client is the beneficiary who objects to the terms of the trust. In response to this, state laws have been evolving over time to permit changes to what were once instruments that could not be modified. But there are pitfalls to this new flexibility that need to be considered before any such changes are made.

A version of this article originally appeared in the January 2019 version of Thomson Reuters Estate Planning magazine.

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