Revocable trusts are a popular planning tool because of the flexibility it allows the grantor. A well-drafted trust will address the Grantor’s needs during his or her lifetime, including disability, the care of a surviving spouse, disabled beneficiaries, and of course, provides named beneficiaries. However, after the death of the Grantor, there are those times when unforeseen circumstances arise, and the trust language does not provide a solution.
The Florida Trust Code has two possible remedies for this situation. Judicial modification and non-judicial modification. As the name suggests, judicial modification happens with the oversight of the court. It allows trustees, trust protectors, and beneficiaries to come together to correct a deficiency while realizing the Grantor’s purpose in establishing the trust. Similarly, non-judicial modification allows beneficiaries to work directly with Trustees to modify deficiencies in the trust agreement without the oversight of the court so long as they agree with the changes.
Are you the trustee or beneficiary of a trust agreement that has hit a roadblock in administration, please give our office a call. We can help you find a solution and move things forward for you and your loved ones.