Decanting and its Alternatives: Remodeling and Revamping Irrevocable Trusts

Posted: 13 Apr 2016

See all articles by Thomas Simmons

Thomas Simmons

University of South Dakota Knudson School of Law

Date Written: April 11, 2010

Abstract

Trust decanting is the process of distributing a trust estate of an irrevocable trust to the trustee of a new trust. Recognized under the common law and now statutorily by ten states, decanting can achieve a number of goals and objectives, from correcting drafting errors to responding to beneficiaries’ changed circumstances or objectives. Procedural requirements, fiduciary considerations, and tax issues will be explored.

Keywords: trusts, decanting, GST, gift tax, fiduciary, reformation

JEL Classification: K19

Suggested Citation

Simmons, Thomas, Decanting and its Alternatives: Remodeling and Revamping Irrevocable Trusts (April 11, 2010). South Dakota Law Review, Vol. 55, No. 2, 253, Available at SSRN: https://ssrn.com/abstract=2763108

Thomas Simmons (Contact Author)

University of South Dakota Knudson School of Law ( email )

414 E. Clark Street
Law School suite 212
Vermillion, SD 57069
United States
605.658.3533 (Phone)
605.677.5417 (Fax)

HOME PAGE: http://www.usd.edu/faculty-and-staff/Tom-E-Simmons

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