What is “decanting” of a Trust?
“Decanting” refers to transferring the assets from an irrevocable Trust into another Trust. Florida has a “decanting statute” that describes the requirements of legal decanting under the Florida Trust Code.
There are multiple motivations a trustee might have for decanting. For example:
-To fix a drafting mistake
-To correct certain Trust provisions to conform to new laws or circumstances
-To combine the Trust with another Trust
-To change trustee powers
-To add or remove a trustee
However, there may be other appropriate methods of modifying a Trust applicable to your situation, depending on the circumstances. If you would like to review an existing Trust and discuss your options for modifying the Trust, including the possibility of decanting, or if you would like to create a new Trust, please call the attorneys at Bach, Jacobs & Byrne, P.A. at (941) 906-1231 to set up a consultation.