Raleigh Trust Modification Lawyer
Helping Trustees Change the Terms of Estate Planning Trusts
Once assets have been placed into a revocable trust or the creator (settlor) of an irrevocable trust has died, it may not be possible to modify the trust without court approval. Before attempting to modify a trust agreement, it is important to consult an experienced lawyer.
At the law firm of Brady Morton & Cobin, PLLC, we frequently represent trustees and other parties in trust modification proceedings. These matters are handled by Raleigh trust modification attorneys Dan Brady and Andrew Cobin, who have a combined 35+ years’ experience in practicing estate law in North Carolina.
Choosing the Right Strategy to Address Your Specific Concerns
Although a well-drafted trust should have enough flexibility built into it to accommodate a wide range of circumstances, there are times when a trust simply needs to be modified in order to meet the needs of the beneficiaries. Common examples of this include the following:
- The trust agreement says the trust must continue to exist for the lifetime of all of the grantors’ children, but all of the beneficiaries agree that it should be terminated.
- The income from the trust is not sufficient to accomplish the goal of the trust, but the trust agreement does not allow the trustee to draw upon the principal to meet that goal.
- The trustee wishes to have the assistance of another party as co-trustee, and the trust agreement does not contain any provisions for the appointment of another trustee.
Depending on the specific situation, it may be advisable to go to court and attempt to convince a judge to modify the trust, or it may be preferable to transfer the assets held in trust into a new trust with different provisions—a procedure known as trust decanting.
Modify a Trust · Contact a Wake County Attorney at 919-782-3500
If you are responsible for administering a trust and do not feel you can do so effectively without modifying the terms of the trust agreement, we can help. To schedule an initial consultation with Mr. Brady or Mr. Cobin, please contact our office at 919-782-3500 or by e-mail.