Learn practical solutions to modify or terminate trusts as well as drafting techniques to allow for future modification.
Trusts can be designed to last for decades beyond their original creation. This often results in problems down the line for trustees and beneficiaries who are subject to outdated trust terms which do not reflect current needs and circumstances. This information explains what options are available to modify or even terminate trusts where the trust language provides no such options. Learn the existing and evolving judicial tests for trust modification and termination as well as steps that can be taken in drafting trust documents to allow for later modification or early termination. This information will benefit lawyers engaged in drafting trusts as well as lawyers, accountants, financial advisers and others who regularly advise trustees or trust beneficiaries.
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Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
How Can You Modify or Terminate a Trust Early If There Are No Terms in the Trust Authorizing Such Action?
- Applicable Common Law Theories and Uniform Trust Code Sections
- When Is Court Approval Required?
- Who Are the Parties and What Is the Process?
Drafting a Trust to Allow Pre-Termination or Modification
- Small Trust Termination
- Early Termination
- Powers of Appointment
When Early Termination or Modification Is Authorized, What Needs to Be Done?
- Notification of Beneficiaries
- Plan of Distribution
- Need for Release or Accounting
- Tax Compliance
Additional Considerations
- Fiduciary Liability
- Dictates of the Original Estate Plan
- Potential Conflicts of Interests
- Tax Concerns
- Interests of Minors, Unborn and Unascertained
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Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on February 8, 2018.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Lauren K. Drury, J.D.
Washington Trust Wealth Management
Lauren K. Drury, J.D. is Vice President & Chief Wealth Management Fiduciary Officer with Washington Trust Wealth Management. She manages large and complex trust relationships, the settlement of complex estates, the management of departmental risk through document review, litigation oversight and assistance in the development of fiduciary policies and procedures to be carried out and followed by trust administration staff. Prior to joining the firm, Ms. Drury worked as an attorney specializing in estate planning and probate law at the law firm of Mignanelli & Associates, Ltd., and as financial advisor with Morgan Stanley Smith Barney. She also served as counsel specializing in commercial lending and finance at the DiOrio Law Office and Sager & Schaffer, LLP. Lauren holds a B.A. degree from Muhlenberg College and a J.D. degree from the Case Western Reserve University School of Law. A licensed attorney in the Rhode Island, Massachusetts, and the United States District Courts, Lauren is a member of the Rhode Island Bar Association. She is a long time member of the Board of Directors of the Rhode Island Council for the Humanities and is a Commissioner for the East Greenwich, Rhode Island Historic District Commission.
Stacey P. Nakasian, Esq.
Duffy & Sweeney, LTD
- Partner in the Providence, R.I. law firm of Duffy & Sweeney, LTD where she chairs the Litigation Department
- More than 26 years of experience as a commercial litigation and trial lawyer with a specialty in trust and fiduciary law
- Recognized by Best Lawyers as Lawyer-of-the-Year, 2015, for the categories of litigation-trusts and estates; included in the Top 50 Female New England Super Lawyers, 2013; named as “Leader in the Field” of commercial litigation by Chambers USA for years
- J.D. degree, Order of the Coif, The George Washington University Law School; B.A. degree, cum laude, University of Virginia
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Why Lorman?
Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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