Estate planning advisors recommend that you periodically revisit
your estate plan because of changing circumstances. An irrevocable trust that
works fine when it’s established may no longer achieve its original goals if
your family circumstances change or new tax laws go into effect. If you have
one or more trusts in need of repair, you may have several remedies at your
disposal, depending on applicable law in the state where you live and, if
different, in the state where the trust is located. One option is to modify the
trust. This remedy may be available, through court proceedings, if
unanticipated circumstances require changes in order to achieve the trust’s
purposes.