If you are following Tennessee probate and estate planning matters and news, you may have seen some recent articles talking about decanting irrevocable trusts.
In effect, decanting permits a trustee in certain situations to distribute assets from an irrevocable trust to a newly set-up trust. This is a planning strategy that may allow a change in how trust assets are administered under an irrevocable trust agreement that has terms that are no longer considered to be appropriate under the circumstances.
Although not directly changing an irrevocable trust, the impact is much the same.
Click here to read one of those recent articles on decanting irrevocable trusts: Click to read Decanting Article.
Of particular interest to Tennessee residents is that Tennessee is a decanting-friendly jurisdiction.