Friday, March 13, 2015
Over the previous twenty years an irrevocable trusts has developed in a way that has weakened the meaning of the "irrevocable" part. Here are some developments in trust law that led to irrevocable trusts being not exactly irrevocable:
- The enactment of the Uniform Trust Code in twenty-nine states and D.C., which includes multiple provisions allowing court modification or termination of irrevocable trusts.
- Enactment of decanting statutes in twenty-two states.
- The enactment of the Trust and Estate Dispute Resolution Act in two states.
See Charles A. Redd, Flexibility vs. Certainty--Has the Pendulum Swung Too Far?, Wealth Management, Feb. 23, 2015.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.