Taking the Meaning Out of “Irrevocable”

Over the previous twenty years an irrevocable trusts has developed in a way that has weakened the meaning of the “irrevocable” part. Here are some developments in trust law that led to irrevocable trusts being not exactly irrevocable:

• The enactment of the Uniform Trust Code in twenty-nine states and D.C., which includes multiple provisions allowing court modification or termination of irrevocable trusts.
• Enactment of decanting statutes in twenty-two states.
• The enactment of the Trust and Estate Dispute Resolution Act in two states.

See Charles A. Redd, Flexibility vs. Certainty–Has the Pendulum Swung Too Far?, Wealth Management, Feb. 23, 2015.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.