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Early Termination (and Modification) of Trusts - Webinar

  • ID: 4071054
  • Webinar
  • 90 Minutes
  • Lorman Business Center, Inc.
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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 This often results in problems down the line for trustees and beneficiaries who are subject to outdated trust terms which do not reflect current needs and circumstances.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.

Learning Objectives
  • You will be able to identify the circumstances under which a trust can be terminated early or modified.
  • You will be able to recognize the tasks necessary to implement an early trust termination or modification.
  • You will be able to explain the process for seeking and obtaining court approval for early termination or modification of a trust.
  • You will be able to review spot and evaluate issues that can arise when a trust is terminated before its time.
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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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Lauren K. Drury, Esq. Washington Trust Wealth Management, Stacey P. Nakasian, Esq. Duffy & Sweeney, LTD
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This webinar is designed for attorneys, estate planners, accountants, presidents, vice presidents, CFOs, controllers, business owners and managers, tax managers and financial planners.
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