Trust Modification: The Power of Experience
As people's lives change, they may find that a trust created for their benefit no longer accomplishes its goals. At the Citrus County law firm of VanNess & VanNess, P.A., we represent people throughout central Florida by helping them modify or terminate trusts that no longer function as intended.
Modifications are not commonplace. Many times, these cases involve complex federal income and gift tax issues. They require a thorough knowledge of the workings of state and federal laws, and the tenacity to follow through on a very demanding course of action. A judicial proceeding is often required. The proven trial experience of VanNess & VanNess, P.A., plays a pivotal role in our trust modification practice area.
The successful modification of a trust can be worth substantial sums in certain circumstances. A successful outcome can mean a difference of hundreds, thousands, or even millions of dollars, depending on the specifics of each individual case. Our firm has successfully modified a number of irrevocable trusts involving both corporate and individual trustees when the terms of an otherwise irrevocable trust were inconsistent with the purposes of the trust, the best interest of the beneficiaries, and for a variety of other reasons.
VanNess & VanNess, P.A., has the experience to assess your legal objectives and options, and our commitment to effectively communicate with our clients helps ensure that they feel confidently in control throughout the entire process.
Under recent changes in Florida law, altering an otherwise irrevocable trust is authorized under certain circumstances:
- Judicial modification consistent with the intent of the creator of the trust: Florida law allows a court to modify an irrevocable trust if the trust's purposes have been fulfilled or have become illegal, impossible, wasteful or impractical.
- Judicial modification in the best interest of the beneficiaries: When compliance with the trust is not in the best interest of the beneficiaries, Florida law may allow for trust modification.
- Nonjudicial modification of irrevocable trusts: Some qualifying trusts may be modified if the trustee and all qualified beneficiaries agree to modification.
To talk with an attorney at VanNess & VanNess, P.A., regarding trust modification, contact us by calling 866-697-6221 or by completing our online contact form. Our lawyers are committed to giving every client the personal attention they deserve, and we take pride in the prompt responses we provide clients and potential clients.