Irrevocable trusts are popular estate planning and wealth management tools. These types of trusts are usually irrevocable and can be difficult to unwind when circumstances change. Unwinding an irrevocable trust when the trust can no longer function requires careful planning. There are circumstances that might come up when the trust can no longer serve the stated intention of the settlor and will need to be revoked. This column discusses the rules that the State of New York requires for amending or revoking an irrevocable trust. There are different rules and regulations that exist in each state so people will need to be aware of their local regulations. It is a good idea to speak with an experienced estate planner for more information about revoking an irrevocable trust.
See Ettinger Law Firm, How Revocable Is My Irrevocable Trust, New York Estate Planning Attorney Blog, December 21, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
