EARLY TERMINATION (AND MODIFICATION) OF TRUSTS was the title of an August 22, 2017 webinar sponsored by Lorman Education Service and presented by D&S partner Stacey Nakasian and Lauren Drury of Washington Trust Wealth Management.
The speakers discussed how trusts can be designed to last for decades beyond their original creation, and how this often results in problems down the line for trustees and beneficiaries who are subject to outdated trust terms which do not reflect current needs and circumstances. The speakers reviewed what options are available to modify or even terminate trusts where the trust language provides no such options and attendees learned 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 was designed to benefit lawyers engaged in drafting trusts as well as accountants, financial advisers and others who regularly advise trustees or trust beneficiaries.