May 28, 2014
Authored by: Luke Lantta
An irrevocable trust, once set up, can be a difficult thing to terminate or modify. In Purcella v. Olive Kathryn Purcella Trust, we see how difficult it is to modify or terminate a trust even in a friendly jurisdiction like Alaska. Therefore, those considering an irrevocable trust need to consider that irrevocable means what it says, and those advising persons in their wealth planning should make sure that they explain that irrevocable means what it says.
Olive Kathryn Purcella sought to terminate her trust or to modify her trust, claiming that she did not intend to execute an irrevocable trust or that the irrevocable trust was the product of undue influence. Ms. Purcella’s lawyer had suggested that she create a trust because she was going to receive some money from a dispute