Circumstances, laws, and taxes all change. And, when they do, many settlors don’t want their beneficiaries to have to go into court to get permission to roll with the changes. That’s why you often find a trust provision that permits non-judicial amendments to the trust. The breadth of these powers to amend differ from a narrow power to amend to a broad power to amend, like the one before the Maryland Court of Special Appeals in Grueff v. Vito. There, the power to amend a family trust provided:
This Agreement may be revoked, altered or amended from time to time by an instrument in writing, signed by the holders of not less than seventy-five (75%) interest herein and delivered to the Trustee.
The beneficiaries used that amendment power a number of times over the years.Read More