by Garrett J. Olexa, Member, Jennings, Strouss & Salmon, P.L.C.
One of the many advantages of a revocable trust is that changes to the same can be easily made by amending or restating the trust instrument. When dealing with irrevocable trusts, however, the ability to effect change is often a source of many questions. Is there an ability to change beneficiaries? Who has the power to interpret language in the trust? Can the trustee be changed without court involvement? Can the terms of the trust be modified or can an irrevocable trust be terminated? While the answers to such questions depend on a variety of factors, a starting point for addressing them can typically be found in in the Arizona statutes and the trust document itself.