Fixing or Terminating Problem Trusts
Glenn Karisch is an expert in helping clients deal with trusts which are broken or have outlived their usefulness.
He has presented his paper on Modifying and Terminating Irrevocable Trusts to attorneys at multiple continuing legal education seminars.
Since trusts often last for years, they may fail to address current circumstances. This can happen even with well-drafted trusts.
It is impossible for the person creating a trust to anticipate everything that will happen years in the future.
For instance, tax laws may have changed, meaning that a legal strategy that once made sense now causes unnecessary problems. The circumstances of family members, trust assets, and relationship dynamics between trustee and beneficiary might also change.
Some of these problems can be solved out of court, and some require a formal legal process and the approval of a judge to change.
