Key Considerations When Decanting a Trust

One planning issue ultra-high-net-worth families face is handling irrevocable trusts put in place years ago that no longer serve their needs. Irrevocable trusts have historically been difficult to modify. However, families with these trusts can go through a process known as decanting to affect these types of changes. We are increasingly guiding trustees and clients through that process to ensure, with certain limitations, that their trusts are up to date and are delivering the intended outcomes and benefits.

There are many reasons that a trust no longer serves its purpose and should be modified or modernized. Our partner Todd Neal laid out the considerations in a recent column for Rethinking65.