It is getting easier to change irrevocable trusts, thanks to a process known as “trust decanting.” Such trusts used to be difficult and costly to alter even if the trustee thought a change could be in the beneficiary’s best interest. Decanting lets trustees change certain terms by pouring the assets from an old trust into a new one; a trustee can, for example, push back the age at which the beneficiary receives a payout or move the trust to a state that offers more flexibility regarding taxes or administrative roles within the trust. If the trustee wants to retire, decanting can also make it easier to name a new trustee.
Wall Street Journal, January 5, 2014
