What to know about decanting

In the past, Georgia grantors had little recourse if they wanted to change or put an end to an irrevocable trust. To do so, it generally cost a lot of money plus the consent of every beneficiary. However, decanting statutes may make it easier to make changes or cancel an irrevocable trust. The decanting process involves moving assets from the original trust to a second one with modified terms.

The authority for the trustee to take such action may be granted by terms of the original trust. It may also be granted by state decanting statutes or common law. Decanting may be beneficial when the terms of a trust are no longer in the best interests of the beneficiary or others impacted by the trust. For instance, if an individual was to receive payments from the trust, it may not be the best idea to do so if that person has substance abuse issues.

Decanting may be beneficial because it may be done without getting approval from a judge. However, it may be possible to get judicial oversight if desired. Furthermore, beneficiaries may not need to be notified about the decanting. This may reduce the odds of a legal challenge or other problems that may postpone potentially critical changes to a trust.

The use of irrevocable trusts may offer a variety of estate planning benefits, including in some cases the avoidance of lengthy and expensive probate proceedings. However, by design, they are harder to change or cancel. This may present issues that may need the help of legal counsel to resolve in a timely and favorable manner.

No Comments

Leave a comment
Comment Information

Upcoming Workshops

3 Easy Steps To Protect Your "Stuff" This workshop addresses frequently asked questions and common misconceptions on Wills & Trusts, Asset Protection, Nursing Home Issues, and Medicaid Qualification.

Join Now! More Workshops

Call Us Today To Schedule A Consultation

We are ready to help you start planning. To schedule an initial consultation, call us at 770-822-2723 or 866-735-9628. You may also contact us online.

ESTATE PLANNING LAW GROUP OF GEORGIA,

Johns Creek Office
11555 Medlock Bridge Road, Suite 100
Johns Creek, GA 30097

Toll Free: 866-735-9628
Phone: 770-822-2723
Fax: 770-573-3379
Map & Directions

Lawrenceville Office
1755 North Brown Road, Suite 200
Lawrenceville, GA 30043

Toll Free: 866-735-9628
Phone: 770-822-2723
Fax: 770-573-3379
Map & Directions

map

How can we help you?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close