You have an irrevocable trust and it’s an important part of your estate plan. But what happens if you need to make changes to it? Is it iron-clad, as the name suggests, or can it be modified?
Certain estate planning tools and strategies are available to adjust the terms of an irrevocable trust. Some involve judicial proceedings and petitioning the court, others require agreement among beneficiaries, and others require only the actions of the person who formed the trust.
Randy Doane of Doane & Doane says:
“In general, irrevocable trusts are not subject to revocation or amendment. But, as the saying goes, the only constant in life is change. So for many people, various changes in their circumstances will create the need to make adjustments to their trusts. Florida’s estate planning laws can be used to address unexpected changes, and this includes the flexibility to tweak, or supersede, the terms of an irrevocable trust.”
Doane continues to say that there are many different cases to make the modification of an irrevocable desirable or necessary. Some examples of these circumstances include:
– Birth or death of family members
– Changes in personal or family finances
– Changes in state or federal inheritance and tax laws
– Changes in the needs of a trust’s named beneficiaries
– Revised estate planning goals
This is not a comprehensive list. You may have many other reasons that may apply to making changes to update your estate plan. If you have questions about modifying your irrevocable trust, the experienced attorneys at Doane & Doane will be there for you with the answers. Find them online today at doaneanddoane.com.