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COVID-19 NOTICE:

After careful review of the COVID-19 environment, the law firm of Chayet & Danzo, LLC, will be conducting in-person appointments in our offices on a limited basis and with strict social distancing protocols.

During this time, our team will continue to diligently work remotely on all client matters and will maintain communication through email, telephone, and video conferencing. Our main office number, (303) 355-8500 will continue to be answered during our normal business hours of 8:00 a.m. to 5 p.m. Monday – Thursday and 8:00 a.m. to 4:00 p.m. on Fridays.

This decision to have limited appointments in-office while following strict social distancing protocols is in the best interest and health of our team, clients and community.

We will continue accepting new clients during this period as well as fully servicing our existing clients.

We wish you and your family continued health during these unique and challenging times.

Compassion, talent and dedication:
guiding colorado families and Their Trusted Advisors During Times of Need

How can a living trust be modified?

| Jan 15, 2015 | Trusts |

A trust may be modified under Colorado law for a number of reasons. Circumstances may change so that the trust no longer effectively carries out the wishes of the settlor. Terminating a trust early or modifying its terms is not generally a simple process. Modification is controlled by the wording of the trust itself. Any other document, such as a will, is not sufficient.

Aside from the settlor modifying their own trust, the beneficiaries and the court may also modify a trust under certain circumstances. The trustees may modify the trust so long as two conditions are met. First, all beneficiaries must agree to the modification. The law recognizes current and potential beneficiaries. If an unborn child is a potential beneficiary, then it is impossible for the beneficiaries to modify the trust themselves. The modification must also not violate the original intent or purpose of the trust.

If the beneficiaries or settlor are unable to modify a trust themselves, they can petition the court to modify the trust. If a situation arises where a modification is appropriate but is legally barred due to the way the trust was created, the court can override the limitations of the trust and make the modification. Those seeking the modification must prove that what they are seeking is in the best interests of the trustees and follows the original intention of the trust.

Due to the complicated nature of modifying trusts, it is a good idea to consult an attorney when seeking to modify a trust. An attorney can advise a client on if a trust modification is possible and what the client will need to do in order to modify the trust. If the matter must be taken to court, then an attorney can help a client present their case for modification to the judge.

Source: National Paralegal, ‘Power to revoke, modify or terminate trusts”, accessed on Jan. 13, 2015

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