When a trust is irrevocable, you might think it can't be changed — even if it contains drafting errors or becomes ineffective or obsolete due to changing tax laws or family circumstances. Or can it? Actually, through a process known as decanting, many irrevocable trusts may be "fixed," when trustees deem it necessary. Power to Pour In common parlance, decanting is pouring … [Read more...] about Decanting May Allow Trustees to Fix a Damaged Trust
One of the defining features of an Irrevocable Trust is that it cannot be amended, either at it’s outset, or at the occurrence of a specified event, such as the death of the Grantor. Sometimes an irrevocable trust contains the ability for it to be modified through the use of a power of appointment. A power of appointment is a specific power granted usually to a surviving spouse or a … [Read more...] about Can An Irrevocable Trust Be Amended?