Decant Rant
Worried over an out of date irrevocable trust and it’s adverse provisions? Perhaps you can do something about it as a beneficiary, as a trustee, or both. My year has been excessively filled with irrecoverable trust estate settlements at death with adverse terms, and current clients asking if they can amend those bad terms out of problematic trusts.
So it’s time to do a decant rant. Finally, as a firm, I did something about it. A private client case I have been working on for many years has out of date irrevocable trusts from the eighties still in control of large business assets. Of course full of old fashioned, out of date and harmful language that needs to be corrected. I am pleased to advertise my master decanting irrevocable “restated” trust portfolio now exists for Arizona domiciled irrevocable trust use.
Many beneficiaries of these bad trusts think there is nothing they can do to make changes. Yet I am pleased to state in most cases they are wrong! Decanting an irrevocable trust is no longer a mystery for Arizona based irrevocable trusts beneficiaries and trustees.
One bad term in the aforementioned client case was that the law firm went on in perpetuity once the senior lawyer died. He did die a few years ago but the egregious terms state that his successors are to remain the trust protector and his law firm as the main legal council for the trust forever. Specifically, he set his own daughter up who succeeded him in the law firm to remain on the trust payroll for many, many generations. Bad faith against his original client and now my client, the offspring.
Do you have a bad trust with bad terms you don’t like? Let our professional consulting services give you general legal concepts on specific Arizona law and the rules required to abide by in order to see if those bad terms can be erased and done away with by decanting.
You may not even need court approval or review in some circumstances. And if your situation is simple and no legal advice is required, we can assist in decanting procedures document drafting to save you money. Then deliver the documents to you for a final legal consultation with a qualified Arizona lawyer before signing. A modern 2020 irrevocable trust instrument may be the best choice you make in the new year.
This rant was to offset a mind thought many have of “I Can’t Decant”. You can and most likely you should if you too have a bad trust and perhaps also a greedy law firm attached from many years gone by still in control long after your loved one (Trustor/Grantor) died.
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M.D. Anderson, AZCLDP