Description
Understand relevant issues in trust decanting and learn provisions of irrevocable trusts.
As circumstances, laws, and goals change over time, it can become necessary to modify an irrevocable trust. Estate planners and trustees can utilize various options to modify irrevocable trusts, including decanting, nonjudicial settlement agreements, trustee modifications, and probate court modifications. This presentation will review and explain how and when to modify irrevocable trusts, the advantages and disadvantages, and the typical circumstances under which irrevocable trusts are modified.
Date: 2023-02-07 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to discuss the options available to modify irrevocable trusts.
* You will be able to identify and navigate the material purposes of a trust.
* You will be able to explain when to use nonjudicial settlement agreements, decanting, trustee modification, and probate proceedings to modify irrevocable trusts.
* You will be able to review when probate court approval is beneficial or required to modify an irrevocable trust.