There are countless benefits to using a trust as part of your estate plan, including tax savings, creditor protection, and avoiding probate for the trust assets.
Despite careful drafting, key trust terms may be ambiguous, or distribution considerations may become unworkable as beneficiaries age. Worse yet, the trust may provide no way to remove a trustee without costly litigation.
Whatever the reason, many Georgians come to us wondering “can a trust be amended”? We tell our clients that the need to make amendments to a trust is common, and that Georgia offers options for amending a trust.
Read below to learn more about common reasons trusts are amended, and your options as a trustee or beneficiary.
Related Article: Can You Change an Irrevocable Trust?
Common Reasons Trusts are Amended in Georgia
There are myriad reasons to want to amend an irrevocable trust. These can include distribution and investment provisions that no longer fit the needs of the beneficiaries, changes in tax laws, and dissatisfaction with the named trustees and successor trustees. If you have questions about a trust, a trust litigator can help.
Administrative Issues: Beneficiaries and trustees may want to amend a trust because its distribution and investment guidelines are unclear or unworkable or the reasons a trustor had for limiting distributions to one beneficiary (such as a substance abuse problem) may no longer be necessary.
Dissatisfaction with Trustee: Sometimes beneficiaries want to remove a trustee for innocuous reasons, such as a disagreement about investment strategies. The trustee has not technically violated a fiduciary duty, but the beneficiaries would be more comfortable with a corporate trustee. In this case, beneficiaries may seek to modify the trust to permit them greater ease in removing a trustee.
Unforeseen Circumstances: Although the testator may have tried their best to account for any circumstance when creating their trust, oftentimes, unforeseen circumstances can mean that the trust no longer functions efficiently. If you face any of these issues, attorney advice can be invaluable.
How Can a Trust Litigator Help You?
If you’re grappling with trust administrative obstacles, you deserve legal representation that advocates for your best interests. Our team has the compassionate understanding and specialized knowledge to assist you in with the obstacles you’re confronting so you can make the best choices for your future. The attorneys at Gaslowitz Frankel LLC are highly experienced in addressing your questions about the legal processes associated with trust disputes. At Gaslowitz Frankel LLC, we are fully committed and equipped to work towards achieving the best results for you.
Contact us by filling out this form for a free consultation about your case.
