Irrevocable trusts are a common estate planning tool for transferring wealth to future generations while reducing transfer taxes. In exchange, the grantor of an irrevocable trust must give up the ability to amend or revoke the trust. However, despite their name, irrevocable trusts can still be modified in many ways, particularly when they are no longer working as effectively as they should. This panel discusses potential reasons to modify a trust, such as fixing a scrivener’s error or ambiguity, reflecting changes in the law, or addressing unforeseen beneficiary circumstances. The speakers also review the multitude of judicial and non-judicial methods for modifying an irrevocable trust’s terms or altering important aspects of the trust’s administration, as well as drafting considerations to head off potential issues in advance.
Course Content
12:00 - 12:10 pm - Reasons to Modify an Irrevocable TrustChange in circumstances
Tax benefits
Administrative changes
Asset protection benefits
Paul Cathcart, Jr., Esq.,
Hemenway & Barnes LLP, Boston
12:10 - 12:45 pm - Drafting Flexibility into Trusts
Trustee powers DisclaimersPowers of appointment Power of SubstitutionTrustee succession Trust protector
Aimee Fukuchi Bryant, Esq.,
Fiduciary Trust Company, Boston
12:45 - 1:45 pm - Methods to Modify Irrevocable Trusts
Judicial proceedings Non-Judicial proceedings
Aimee Fukuchi Bryant, Esq.,
Fiduciary Trust Company, Boston
Paul Cathcart, Jr., Esq.,
Hemenway & Barnes LLP, Boston
Nikki Marie Sherwood, Esq.,
Nutter McClennen & Fish LLP, Boston
Cochairs
Aimee Fukuchi Bryant, Esq.,
Fiduciary Trust Company, Boston
Nikki Marie Sherwood, Esq.,
Nutter McClennen & Fish LLP, Boston
Paul Cathcart, Jr., Esq.,
Hemenway & Barnes LLP, Boston
Speaker(s)
CochairsAimee Fukuchi Bryant, Esq.,
Fiduciary Trust Company, Boston
Nikki Marie Sherwood, Esq.,
Nutter McClennen & Fish LLP, Boston
Faculty
Paul Cathcart, Jr., Esq.,
Hemenway & Barnes LLP, Boston
