When irrevocable trusts are drafted in happier times, and then times change, is it possible to reduce or even eliminate the interest of an ex-spouse or soon to be ex-spouse? Trustees potentially have access to powerful tools that might change beneficial interests. Indeed, it might be said that there is no such thing as an “irrevocable” trust. In any event, family law practitioners should counsel clients to investigate the options.
When irrevocable trusts include ex-spouses or soon to be ex-spouses as beneficiaries, family law practitioners should be aware that trust distributions can potentially be adjusted. Learn how that might happen in this article published in the March 13, 2020 edition of FamilyLawyerMagazine.com.
On May 7, Wilmington Trust and wealthmanagement.com hosted an informative webinar on Intentional Inheritance. Our family legacy experts shared their professional advice on how to plan for the successful transfer of your family’s wealth, especially during these turbulent times.