BLOG

Oct 23, 2018, 12:10 PM
In this series of blog posts, we are exploring the various statutory mechanisms by which an irrevocable trust may be modified or terminated. As previously discussed, a grantor may wish to create an irrevocable trust for any number of reasons, but if circumstances change over time, the provisions of an irrevocable trust may no longer be practical or economical.
Aug 27, 2018, 10:20 AM
As outlined in my previous blog post, an irrevocable trust is one that by definition and design cannot be amended, modified, changed or revoked. A settlor, one who creates or contributes property to a trust, may wish to make his or her trust irrevocable for any number of reasons. As time passes, however, the circumstances under which an irrevocable trust was necessary or preferable may no longer exist. To this end, the Code of Virginia sets forth several provisions by which an irrevocable trust may be modified or terminated.
Jul 20, 2018, 4:00 PM
An irrevocable trust is one that by definition and design cannot be amended, modified, changed or revoked. Trusts can be made irrevocable at creation or may become irrevocable upon the death or incompetence of a grantor, or upon the happening of any event that removes the right of revocation. A grantor may wish to create an irrevocable trust for any number of reasons, including for creditor protection or tax planning purposes. However, if circumstances change, whether for the grantor, the beneficiaries, or in the law, the provisions of an irrevocable trust may no longer be useful or practical in achieving the grantor’s initial goals. How then, do we change the unchangeable?