In this third and final installment in the series, we review the use of a Trust Protector to modify an otherwise irrevocable trust. While judicial and nonjudicial modification and decanting derive from state law, Trust Protector provisions originate from the trust instrument itself and by extension, from the grantor. Unlike many states, California has not enacted specific Trust Protector legislation. However, many trusts prepared in California include Trust Protector provisions. Commonly, … [Read more...] about Are Irrevocable Trusts Really Irrevocable? – Part III
irrevocable trusts
Are Irrevocable Trusts Really Irrevocable? – Part II
In this second installment concerning modification options for irrevocable trusts, we examine decanting. In the third and final part in the series reviews the use of a Trust Protector to modify an otherwise irrevocable trust. Unlike judicial and nonjudicial modification or the use of a Trust Protector, decanting relies upon powers that already exist in the trust. When the Trustee decants, the Trustee exercises their power to distribute trust assets and moves the assets from the existing trust … [Read more...] about Are Irrevocable Trusts Really Irrevocable? – Part II
Are Irrevocable Trusts Really Irrevocable? – Part I
For many years Estate Planning attorneys touted irrevocable trusts as an immutable way to set an estate plan in stone. As more and more states (not including California) have adopted the Uniform Trust Code that has changed. Provisions of the Uniform Trust Code allow for modification of an otherwise irrevocable trust which has altered the landscape of Estate Planning. California has passed its own legislation in recent years to address some of these issues. Background Irrevocable Trusts … [Read more...] about Are Irrevocable Trusts Really Irrevocable? – Part I
