Legal Question in Elder Law in South Carolina
is it possible to change the backup trustee in an ILIT, and change the distribution schedule to the beneficiary
Asked on 3/23/17, 8:19 am
1 Answer from Attorneys
Catherine LaFond
LaFond Law Group, PA
It depends. The grantor/settlor can typically change the trustee but not the beneficiaries without further consent. You need to review the terms of the trust and, if they don't provide for a mechanism for making these changes, you'll need to see an attorney to help determine if this can be done through petitioning the court.
Answered on 3/30/17, 1:28 pm
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