Irrevocable trust

You may not want to hear this answer, but it totally depends on the language and terms of the irrevocable trust. Further, trust law is complex, and one variable may completely change the answer in a given situation. You need to see a qualified attorney who practices in the area of trusts and estates. Generally speaking, most irrevocable trusts may not be altered; that is why they are called "irrevocable." There are certain benefits that accrue to the grantor (the creator of the trust) since the trust is irrevocable. For example, the grantor may receive some tax benefits to creating the irrevocable trust. The grantor may also want to accomplish a specific goal, and use irrevocable terms of a trust to enforce his or her intent when he or she is no longer able to enforce such desires. The classic example of the grantor wanting to enforce a specific goal is where a grantor created a trust for his children, but tied each child's benefit to the child marrying someone of their same faith. Virginia law has allowed for a Court to revise the terms of an irrevocable trust. However, it is only under a fairly limited set of circumstances that a Court will exercise that authority. It was and is unusual, and can be fairly costly to accomplish. Now, Under the Virginia Uniform Trust Code (adopted by the legislature in 2005), some terms of an irrevocable trust may be modified by the agreement of the beneficiaries and trustees, and it may not be necessary to go to Court to accomplish this. This is not an easy thing to do. You must seek the counsel of a qualified and competent trust attorney to evaluate your situation and determine what steps are appropriate given the numerous variables. Ethically, I must remind you that no attorney-client relationship is established through this communication. I am sharing general information with you that is freely accessible to the public. You should consult a qualified attorney licensed in Virginia to assist you if you have further questions. If you have found this answer helpful, please indicate that it was helpful. Best of luck.