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Re:reforming a trust (1 viewing) (1) Guest
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TOPIC: Re:reforming a trust
#1829
Mike Sareta (User)
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reforming a trust 6 Years, 3 Months ago Karma: 0  
Hello everyone. I am new to this forum.

I am acorporate attorney in Texas and I have a trust question. In what situations can a trust be reformed by the court? In order to sell a business owned by a deceased client, we need to pay the estate taxes. The trust and will are in conflict on which assets are encumbered with taxes and the beneficiaries are fighting as to which share will be reduced. I think I can get them to agree on equal apportionment of tax, but i'm not sure if I can petition the court to change the trust or.....what other options are available.

So, any help would be great. I know its the weekend, so I will check back periodically and next week for responses.

Thank you,

Mike
 
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#1876
Miami LS (User)
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Re:reforming a trust 6 Years, 2 Months ago Karma: 0  
Sometimes a trust will have a trust protector to allow the successor trustee to change administrative provisions of the trust thereby bypassing the need for probate involvement.

Where the trust is silent, the probate court can reform the trust if the successor trustee and all the beneficiaries consent to the changes.

Does the trust have a trust protector clause?
 
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#1878
steve (Admin)
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Re:reforming a trust 6 Years, 2 Months ago Karma: 3  
Miami LS asked a relevant question. I have an additional question: Did the governing instrument have a no contest clause?
 
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