In some cases when a trust must be altered, it is more sensible to terminate the trust altogether. Reasons for seeking termination of the trust by a court include:
- The trust is uneconomic and the cost to manage the trust outweighs the value of continuing the trust’s administration.
- The initial purpose of the trust has been fulfilled or cannot be carried out.
- There is unanimous consent from all qualified beneficiaries and the trustee to close the trust and agreement on the disposition of what remains of the trust property.
To explore your options for changing an irrevocable trust through a judicial modification, contact Bach, Jacobs, & Byrne at (941) 906-1231.
