Trusts serve as effective ways to transfer assets from one party to another outside of the Probate process and free from taxation. A Trust is a permanent document that retains its legal effect until the funds run out or the terms of the document come to an end.
However, as with any form of legal agreement, it is possible to modify or terminate a Trust. This most commonly occurs when all parties to the Trust agree that a change is necessary or if the terms of the Trust are no longer logically possible. It may even be possible to petition a court to change or end a Trust at the request of a single party.
Trust modification and termination in Marietta requires a knowledge of the law and strict procedures. Our well-practiced attorneys at Nelson Elder Care Law can provide essential guidance if you decide to take this step.
In many ways, Trusts are examples of agreements between parties. When you create a Trust, you agree to forfeit ownership of assets and transfer them to another person. That other person agrees to wait until the designated time to receive the assets. Because of this, the parties involved in the Trust have the power to change the terms of this agreement as they see fit.
According to the Official Code of Georgia Annotated § 53-12-61, parties to a Trust may include clauses in the document that allow for changes by mutual consent. In addition, it is possible to change or even terminate a Trust if all parties come to an agreement concerning those modifications. These changes may necessitate the creation of a new document that outlines the modifications or termination. Our attorneys at Nelson Elder Care Law can take the lead in negotiating a Trust modification or termination in Marietta.
In some situations, the parties may not agree to a modification or a termination of a Trust. In most cases, this means that the involved parties still have an obligation to fulfill their roles in the document and need to wait out the length of the agreement. However, it may become clear that a Trust is no longer feasible in the eyes of the law. It may also be possible that you are unable perform your role or your beneficiaries are no longer able to take control over the assets.
When these situations occur, it is possible to ask a court to intervene to modify or terminate a Trust. Under O.C.G.A. § 53-12-60, courts only have this authority if the language of the Trust indicates that a mistake occurred that now frustrates the original purpose of the document, such as the passing of a sole beneficiary.
In addition, courts will not invalidate a Trust without proof that the document is no longer feasible. When trying to modify or terminate a Trust in Marietta, you bear the burden of showing that the circumstances that now result in the Trust being ineffective were not apparent at the time of the document’s creation.
Changes in life circumstances may motivate you to seek a modification in a current Trust or to end the arrangement entirely. When this occurs, it is possible to seek out a Trust modification and termination in Marietta.
If all parties to a Trust agree, these changes can be automatic and occur outside of court. It is when only one party wants to make a change that the court must intervene. They will only do so when the purpose of a Trust is now impossible. Our reliable attorneys at Nelson Elder Care Law can help you if you are looking to modify or terminate a Trust. Call now.
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