Wills, Estates & Trusts
Apr. 13, 2023
Modification of trusts
Many states have expanded their laws authorizing modifications to irrevocable trusts, including allowing adaptations for tax law changes, new complexities and changes in a beneficiary’s specific situation.
State laws govern the validity, construction, and administration of trusts. It is impossible for any trustor to create an irrevocable trust that adapts to all future changes, including state, federal and tax laws. Also, with science and technology advances allowing more conception methods, frozen embryos, as well as 23andMe causing unknown heirs to appear, modifications are often needed to address unknown or unanticipated issues. As a result, many states have expande...
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