What Happens If Your Children Are Given Control of Your Estate Before You’re Ready?

You may have set up a trust or another estate planning tool to help provide for your children. However, what happens when your children have access to that trust sooner than you intended? Or what can you do if your children are not using the trust as you had envisioned? Is there a way to correct that mistake now or is it something that you just have to live with?

You may have an option to set aside your trust before the problem escalates. Depending on the type of trust you have, you may also be able to make changes to meet your needs.

Revocable and Irrevocable Trusts

If your trust is revocable, you can go in and change the trust language at any time. For example, if your children have control of your assets earlier than you would like because a specific triggering event occurred before you expected, you may be able to simply alter the language in the trust to delay their ability to take control of the assets in the trust.

However, if your trust is irrevocable, you may not have as many options. You may need to try to set aside the trust completely to prevent your children from maintaining control of the trust assets.

Setting Aside a Trust

There are situations where a trust can be voided for various reasons. However, it is often difficult to void a trust, and, in fact, it may not be possible in some circumstances.

You can generally set aside a trust if one or more of the following situations has occurred:

  • Fraud. You might be able to set aside a trust if the underlying purpose of the trust was fraudulent, such as disinheriting a child or decreasing the amount of money that a spouse could receive in a divorce proceeding. As someone trying to set aside your own trust, fraud is not likely to be a valid argument for you.
  • Duress. This situation applies where the person making the trust was forced into creating it. They made the instrument under threat of force or mental harm.
  • Undue influence. When someone puts significant pressure on another person to create a trust, that could be considered “undue influence.” It varies slightly from duress because there is likely a relationship between the people involved that produces a high level of trust.
  • Mistake. You may also be able to set aside a trust for a misunderstanding about some essential part of the trust. The error must be so significant that you would not have created the trust if you had known or fully understood the fact that you were mistaken about.

The Process of Contesting a Trust in Florida

You must “contest” a trust to set it aside. Changing a revocable trust often just means revising the trust documents. Regardless of the type of help you need, Legacy Planning Law Group is here for you. Contact us today to learn more about how we can help: 904-880-5554.

Written by Legacy Planning Law Group

Legacy Planning Law Group is dedicated to working with individuals and families to help protect the assets they have built throughout their life, and make everything simpler for families who have lost a loved one. We help thoughtful people achieve the peace of mind that comes with planning their personal legacy and passing on family harmony.

Written by Legacy Planning Law Group

Legacy Planning Law Group is dedicated to working with individuals and families to help protect the assets they have built throughout their life, and make everything simpler for families who have lost a loved one. We help thoughtful people achieve the peace of mind that comes with planning their personal legacy and passing on family harmony.