On July 29, 2016, Delaware enacted 12 Del. C. Section 3342, Modification of trust by consent while trustor is living (the modification statute).1 The modification statute provides a new mechanism for the wholesale modification (including the termination) of an irrevocable trust administered under Delaware law (an irrevocable trust). Let’s discuss the mechanics of the modification statute, compare it to Uniform Trust Code (UTC) Section 411 and review potential tax consequences
All access premium subscription
Please Log in if you are currently a Trusts & Estates subscriber.
If you are interested in becoming a subscriber with unlimited article access, please select Subscription Options below.
Questions about your account or how to access content?
Contact: [email protected]