Modifications to an Irrevocable Trust
When a trustor passes away and a trust becomes irrevocable, modification or termination of the irrevocable trust is not permitted without court approval. In the event the settlor or beneficiaries wish to modify a trust, a settlor and/or beneficiaries must all consent to the modification and petition the court for approval of the modification.
For trusts that require the creation of a survivor’s trust and decedent’s trust at the first death, it is important for both spouses to understand that once the decedent’s trust is created it is irrevocable to the surviving spouse. Therefore, any modifications to a decedent’s trust at the first death and survivor’s trust at the second death require the consent of the pertinent parties with the approval of the court.
To avoid this potential extra step, it is important for you to revisit your estate plan to confirm that it indicates your precise wishes. Here at Chauvel & Glatt, we will review your estate plan to explain the terms to you and assist you in making any necessary changes so your trust clearly indicates your wishes. To learn how our attorneys can assist you with your estate planning or other legal needs, contact us today.