Trust Reformation in Illinois | How to Modify an Irrevocable Trust

Article written by Illinois Attorney Kevin O’Flaherty

In this article, we explain trust reformation in Illinois. Even the best plans can face unexpected hurdles. If a will or trust does not address unforeseen circumstances, one can expect litigation by competing beneficiaries. So, what happens when a trustee or beneficiary needs to alter the language of a trust that belongs to a deceased settlor? The answer is a legal proceeding, known as “trust reformation.”

In this article, we’ll answer the following questions:

· What is a trust?

· What is a trust reformation?

· Why would you reform a trust?

· How to reform a trust?

What is a Trust?

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways to specify exactly how and when the assets need to pass to the beneficiaries. Because trusts usually avoid probate, your beneficiaries may gain access to those assets more quickly than they might to assets that are transferred using a will. Assets in a trust may also be able to pass outside of probate, saving time, court fees, and potentially…