Modifying Irrevocable Trusts by Consent
When Missouri updated its trust laws in around 2005, several statutes were added that permitted irrevocable trusts to be modified. An irrevocable trust, as the name suggests, is generally not subject to amendment or change. Most revocable trusts become irrevocable and not subject to change after the settlor/trust-maker dies. The problem is that many irrevocable trusts require changes and become problematic to administer.
To address these types of situations, Section 456.4-411(B), RSMo was enacted. It provides, among other things, that irrevocable trusts may be modified by a court petition when all of the adult beneficiaries to the trust consent. The modification may reduce or eliminate the interests of some beneficiaries and increase those of others, change the time or amounts of payments and distributions to beneficiaries, or provide for termination of the trust at a different time period.
Contact with questions about probate, trusts, revocable trusts, irrevocable trusts and trust litigation.