FAQs – TRUST MODIFICATIONS

“Estate planning is an important and everlasting gift you can give your family.
And setting up a smooth inheritance isn’t as hard as you might think.”
~ Suze Orman  

Q: The trustee of my trust just isn’t working out. Can I change the trustee?  I’m afraid I’m stuck because the trust is irrevocable. Please help!

A: You may be in luck because most trust modifications we make involve changing the trustee.  Unfortunately, we can only answer generally here because we don’t know the details of your trust or your individual situation, but, yes, often the trustee can be changed, even if the trust is irrevocable. Please call our office ASAP to get on the schedule; we’ll review your trust and let you know the best way to proceed.

Q: I’m the beneficiary of a trust set up by my spouse when she died. The tax laws have changed significantly since then. Do I have to go to court to change the terms of the trust?

A: Not necessarily. The simplest way to modify the trust would be if there are provisions within the trust that allow a private modification. Look for “trust protector” provisions. If you’d like help interpreting your trust and get an overview of your options, we’d be happy to review the trust.

Q: What does a trust protector do? Do I need one?

A: A trust protector’s duty is to make sure the trust maker’s intent is carried out. And, yes, we use trust protectors in all of our trusts to make sure changes in the law or changes in circumstances don’t frustrate the trust maker’s intent. The trust protector has the power to modify your trust to meet your wishes without hauling your loved ones into court.

Q: I feel as though I’m always battling with my deceased husband’s children as they are the remainder beneficiaries of my trust. I don’t like having to ask for A, B, and C. I’d rather have a fixed amount that comes each month so I can count on that income and not deal with my stepchildren’s lawyer. What can I do?

A: This may be a good case to have the trust converted to a unitrust, so monthly payments are guaranteed and conflict is reduced. That being said, we wouldn’t want you to give up your right to the principal if you need it. Let’s talk about it.

Q: I set up a trust for my grandchildren years ago and everything has changed since them. Can I revoke that trust and start over?

A:  What you can do is “decant” your trust, meaning you can take the assets from the original trust and pour them into a new trust, with new and more favorable terms. Decanting essentially would give you the results you’re looking for.

Contact the Law Offices of GP Schoemakers today to arrange a consultation with a reputable estate planning lawyer in League City, Texas. Attorney Schoemakers will:

  1. Meet with you to discuss your situation
  2. Take a close look at your assets
  3. Help you understand wills and trusts
  4. Design an estate plan that meets your needs
  5. Make sure you Minor Children are taken care for – check out our Kids Safety Plan.

 

Trust attorney Schoemakers to help you determine the best way to manage your estate. Call now to schedule an appointment with an estate planning lawyer in League City, TX.

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