Reasons for Modification
A trustee may find that the terms of a trust are outdated, too restrictive, or not in the best interests of the beneficiaries.
For example, a trust might restrict trust investments to government bonds at a time when prudent investment strategy demands that a portion of the portfolio be invested in equities; or a trust may prohibit the trustee from selling any of the original trust assets, some of which may no longer be prudent investments for the trust.
The provisions regarding the succession of the trusteeship may no longer be appropriate in light of current ages and experiences of nominated individual successor trustees or industry practices of corporate trustees.
The trustee or beneficiaries also may discover that the dispositive provisions no longer carry out the settlor’s intent or are impossible to fulfill under present conditions.
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