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Explore all options when it comes to trust modification

On Behalf of | Sep 10, 2015 | Trust Administration

While the execution of a comprehensive estate plan can sometimes prove to be an arduous task, any inconvenience or fatigue experienced are more than made up for by the peace of mind ultimately granted to those who choose to undertake this endeavor.

That’s because they don’t have to worry quite as much about the receipt of unwanted medical care should they fall ill, hard-earned assets being divided in a perhaps objectionable manner or legal disputes developing among family members.

It’s important to understand, however, that there are limits to the peace of mind granted by a comprehensive estate plan, as circumstances can change. Indeed, a scenario may arise that necessitates a complete reevaluation of the goals for an estate plan.

While modifying an estate plan to reflect certain changes in life — or the law — is certainly possible where legal instruments like simple wills are involved, things can become decidedly more difficult where legal instruments like irrevocable trusts are involved.

The simple truth is that while not impossible, modifications to irrevocable trusts can be difficult to execute absent attorneys with the necessary experience, skill and tenacity.

At VanNess & VanNess, P.A., our attorneys have not only have this experience, skill and tenacity, but also the vast knowledge needed to help modify or even terminate trusts that are no longer fulfilling their intended purpose. Indeed, this vast knowledge means they understand the intricacies of not just Florida’s estate planning laws, but also all applicable federal tax laws.

Given that hundreds, thousands or even millions of dollars could be at stake, the possibility of trust modification cannot be overlooked. To learn more about how we can help, please visit our website.


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