Trust Modification and Termination in Marietta

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.

Who Needs to Consent for a Trust to be Changed?

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.

Modifying or Terminating a Trust on Your Own

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.

Call Our Marietta Attorneys for Help Modifying or Terminating a Trust

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.

Hear From Our Clients

“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