A Trust remains in effect until the terms of the document have come to completion. However, ending these agreements or modifying the terms is possible.
In fact, courts have the power to modify or terminate irrevocable Trusts under limited circumstances. In addition, the parties to a Trust may enact a modification or termination if they all agree to the change. Our experienced attorneys at Nelson Elder Care Law can provide more information about the concepts of modifying or terminating Trusts in Woodstock.
It is rare for a court to invalidate or modify a Trust, but it can occur under limited circumstances. For instance, the Official Code of Georgia Annotated § 53-12-60 provides that a court may intervene to change the language of a Trust if a mistake occurred that prevented the original purpose of the document. An example may include when a Trust orders the distribution of property at a date set too far in the future.
While courts have great discretion to implement this option upon your or a beneficiary’s request, there are some limitations to this power. Most relevant is the requirement that issues that require the Trust to be modified or terminated were not foreseeable at the time of its creation. Our lawyers in Woodstock can help to determine whether a Woodstock court may take the step of invalidating or modifying a Trust.
While courts have limited power to modify or terminate a Trust, the parties to that Trust carry an almost unlimited power to do so. However, all parties to the Trust must agree to the proposed changes or termination. This includes the Trust maker (you), your beneficiaries, and your Trustee.
Under O.C.G.A. § 53-12-61, Trusts may contain provisions that allow for the modification of the terms by any party without court approval. Lacking this clause, it may still be possible to modify a Trust through the mutual consent of all involved parties. It is essential to remember that all out-of-court modifications must be in writing.
Notably, there are certain situations where a court must intervene, such as situations where the beneficiaries are unable to give their consent, such as children or wards. Here, the court may appoint a guardian ad litem to evaluate whether the proposed changes or termination are in that party’s best interest. In any scenario, a Woodstock attorney at Nelson Elder Care Law can help you change or terminate Trusts through mutual consent.
For the most part, creating a Trust comes with a certain amount of permanence. However, if you and your beneficiaries jointly agree to modifying or terminating the terms of the Trust, it may be necessary to obtain legal guidance.
Contact our team at Nelson Elder Care Law today to learn more about how to make modify or terminate Trusts in Woodstock. We are here to help.
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