Due to changing circumstances over time, settlors and beneficiaries of irrevocable trusts often become dissatisfied with the terms of the irrevocable trust. Fortunately Tennessee law permits – under certain situations and using certain legal procedures – for the modification or termination of an irrevocable trust. Depending on the situation, a trustee and/or the beneficiaries of an irrevocable trust governed under Tennessee law may be able to modify or terminate the trust without the necessity of court approval. Before a modification or termination of an irrevocable trust occurs, it is important to take into consideration the tax consequences of any such modification or termination on the trust and/or the beneficiaries. A Tennessee attorney whose practice focuses on trusts and estates can help you with the modification or termination of an irrevocable trust and the related tax consequences.
Modifying or Terminating Trusts (Irrevocable Trusts)