There are many reasons for a beneficiary or trustee to request for a trust to be decanted. Ultimately, the aim would be to increase the trust’s provisions and create a more beneficial contract for all parties. Here are a few reasons why decanting a trust might be the right choice for you.
If you are the sole beneficiary of multiple trusts, you may need to decant those trusts down into one to save on administrative costs. Alternatively, if several people are beneficiaries of one trust, decanting will be the best option to ensure everyone’s needs are met.
When you inherit an old trust, it is prone to have errors or be ambiguous to the present time. Sometimes the original trust contains sample trust decanting language that puts the trust to its detriment. You may create a separate trust for special needs beneficiaries and gain protection from creditors.
Lastly, you should decant and move your trust into one governed by another state to make them more financially effective.
Call us today to begin your trust decanting process.