Modifying trusts used to be very complicated. But in recent years, the law of trusts has changed -- in Arizona and in many other U.S. jurisdictions.

Of course some trusts are fully revocable and amendable. But not all. Many trusts -- particularly after the death of the person establishing the trust -- are irrevocable. That might also mean unamendable, but not necessarily.

State law varies -- a lot. But in Arizona, at least, irrevocable trusts are often amendable. Most often the decision to amend lies with the trustee, but there might be a trust protector or other official with authority to make changes. Sometimes a change can be as simple as a trust restatement.

Why might you want to undertake a trust change? There are any number of reasons, from change in the beneficiary's status to unanticipated tax law effects.

Do not undertake modifying trusts lightly or without full consideration. You probably want to engage the services of a qualified lawyer and consult an experienced Certified Public Accountant.

In this podcast episode we discuss trust modification. We review why you might consider a change, and paths you might take. We give some pointers and cautionary suggestions for trustees and beneficiaries considering modifying a trust.