What is the name of your state (only U.S. law)? FL
I am the trustee and one of two beneficiaries for a living trust in FL. WHen the grantor passes, I understand Florida law states that a non-judicial modification of the trust's terms may be made after the settlor's death. I understand that this may be done by the agreement of the trustee and all beneficiaries. How difficult is this? Obviously we will need an attorney. Can the beneficiaries, and what they may receive, be changed using this type of modification? Or must it be a judivcial modification? As far as I know the trust does not forbid it.
Thank you for any advice you may give.
I am the trustee and one of two beneficiaries for a living trust in FL. WHen the grantor passes, I understand Florida law states that a non-judicial modification of the trust's terms may be made after the settlor's death. I understand that this may be done by the agreement of the trustee and all beneficiaries. How difficult is this? Obviously we will need an attorney. Can the beneficiaries, and what they may receive, be changed using this type of modification? Or must it be a judivcial modification? As far as I know the trust does not forbid it.
Thank you for any advice you may give.