How to Remove or Amend Irrevocable Education Trusts in California
Trusts are financial planning documents created to define how a specific set of assets will be used. An irrevocable trust is designed to be unamenable or revocable; however, these actions happen when certain circumstances are granted. In California, courts may grant an amendment or revocation of an eduction trust when unforeseen circumstances greatly change the need for the trust. Ultimately, the courts must look at the overall fiduciary requirements of the trust to determine whether a change is in order.
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Instructions
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Gather all information relating to need to amend or revoke the education trust. Perhaps education costs are higher than expected or the child has received a full scholarship. These are valid reason to approach the courts with a change.
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Review the trust document itself. There may be a provision allowing circumstances for a change or revocation.
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Obtain the consent of all beneficiaries, minor children's guardians and the grantor -- if the grantor is still alive. Everyone must agree that the changes are in the best interest of the trust fund recipients.
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Write the desired amendments on a sheet of paper to attach to the original document. Have the grantor and beneficiaries, or their guardians, sign the amendment in front of a notary public.
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Go to the county courthouse, family court division where the trust was enacted. Request the proper petition to amend or revoke an irrevocable trust. Obtain the proper forms, complete them and submit them with any documentation substantiating the claims. If anticipated education costs have changed, show the difference. Every county operates slightly differently, so follow the direction of the clerk.
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Obtain a hearing date and attend. Have the grantor and beneficiary representatives attend as well to validate the desire for the changes.
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Tips & Warnings
California courts may allow changes to an irrevocable trust when a statement and evidence of "due to circumstances unknown or foreseen by the grantor, the continuation of the existing trust document will not achieve its desired results," according to California Probate Code.
