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2007 law in florida states that if it is the best interest…

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2007 law in florida states...
2007 law in florida states that if it is the best interest benificiary of the modification can occur. The account is 600,000 produced 2,000. This account was in bank of America and switch to Hancock where the income reduced by 500 tilmes. By the wording I can't tell if that applies to trust after 2007 that kind of makes it revocable. I am stuck in the trust that can deliver zer0 incom
Submitted: 2 years ago.Category: Estate Law
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1/20/2016
Estate Lawyer: Barrister, Attorney replied 2 years ago
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 43,071
Experience: 17 yrs estate law, real estate. Wills/Trusts/Probate
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Hello again,

.

As a matter of trust law, even though a trust may be "irrevocable", it can always be revoked by a probate court judge issuing an order to do so. One of the reasons that a judge would issue such an order is if there was a material change in the trust that was unforeseen when it was created.

.

With such a dramatic reduction in income, that has clearly frustrated the intent of the trust when it was formed and I would opine that a judge would find this convincing grounds to either reform the trust or simply dissolve it and deliver the assets to the beneficiary.

.

This is something that a probate or trust law attorney could assist with as the motion to dissolve would need to be individually drafted and set out the specific details about why the trust changed and why it should now be dissolved...

.

So the 2007 law doesn't really come into play here because a probate court judge can always order a trust dissolved..

.

.

thanks

Barrister

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