Ada-Icon
Required

Getting Rid of Old Trust Terms, Elder Law Attorney, Woodstock, GA


It used to be that once you executed an irrevocable trust, you were more or less stuck with its terms. That is no longer the case.

Irrevocable trusts are often far superior to revocable trusts for many reasons, not the least of which is taxes. However, the big drawback to irrevocable trusts is in the name. They are irrevocable. Once the trust is properly executed, it is supposed to be set in stone.

If circumstances change and you no longer like the terms of the trust, that is too bad. You are stuck with it.

This has always caused many people to be wary of irrevocable trusts, especially younger people who expect many things in their lives to change.

No need to worry? Irrevocable trusts may no longer be truly irrevocable, as Forbes explained in “Old Money, New Bottle: Decant If You Don’t Like the Terms Of An Old Trust.”

A total of 25 states now allow old trusts to be decanted.

This process entails taking all of the assets from an old trust and putting them in an entirely new trust with different terms. It is technically the trustee who is allowed to do this. It is supposed to be for the benefit of the trust beneficiaries.

Interestingly, the trustee does not need to have permission from a court and often does not even need to inform the beneficiaries. The different states that allow decanting have different rules about what trust terms can be changed in the new trust. You will, therefore, want to seek out experts to make sure you decant in a state that allows you to do so.

If you have an old irrevocable trust and would like to change the terms, you now have options. Talk to an estate planning attorney to learn more.

Reference: Forbes (March 16, 2017) “Old Money, New Bottle: Decant If You Don’t Like the Terms Of An Old Trust.”

 

Hear From Our Clients
tes-prev
tes-next

“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce