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A properly drafted trust is an important estate planning tool. It protects assets during the often-difficult probate process and provides for loved ones. But what happens when an irrevocable trust no longer functions in a way it was intended to, or the laws have changed? How does a trust beneficiary receive the support they deserve?
There are similarities and differences between revocable and irrevocable trust:
Even the best-laid plans sometimes cannot anticipate every possible major changes. The same is true of trusts. Here are examples of why a trust would require reformation:
Sometimes, it is necessary for interested parties to seek a reformation of or modifications to an irrevocable trust from a court. The attorneys at Altman & Associates are highly experienced in making this legal process work for you.
Due to recent legislation, the date a trust was created is a critical factor in seeking reformation or modification of the trust in court. On January 1, 2015, Maryland’s Uniform Trust Act will take effect. Among the advantages of the new law, an irrevocable trust can be reformed or modified with the consent of the trust beneficiaries if this action follows the intent of the trust. Many new laws regard trusts, but they only apply to trust created by January 1, 2015. Our attorneys understand the intricacies of the new law, along with the case law and process regarding the reformation or modification of existing trusts.
At Altman & Associates, our Maryland reformation of trust attorneys advocate for trust beneficiaries and enforce the intentions of the trust. We have convenient office locations in Columbia and Rockville. Contact us by phone at (301) 468-3220 or to schedule a consultation.