Sample Decanted Trust For Public Land
Description
How to fill out College Education Trust Agreement?
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FAQ
California recently passed and enacted the Uniform Trust Decanting Act, which allows trustors and trustees to modify the terms of a trust without court oversight or the approval of the trust's beneficiaries.
Trust decanting is the process of pouring the assets of one irrevocable trust into another one. Just like decanting a bottle of wine, the part of the trust document that is inaccurate or needs to be changed is left behind, while the rest is moved to the new trust.
The following are some alternatives that might be available to existing SLATs: Decant or modify the SLAT to eliminate or modify the spouse's interest in the trust. This option brings with it a host of fiduciary concerns that probably would be heightened in the event of a divorce.
Decanting is the term generally used to describe the distribution of trust property to another trust pursuant to the trustee's discretionary authority to make distributions to, or for the benefit of, one or more beneficiaries.