DECANTING TRUSTS: IRREVOCABLE, NOT …

35 DECANTING TRUSTS: irrevocable , NOT UNCHANGEABLE by Melissa J. Willms* I. INTRODUCTION .. 36 II. WHAT IS DECANTING ? .. 37 III. REASONS TO DECANT .. 40 IV. DECANTING VS. trust MODIFICATION .. 40 A. Fiduciary Duties of Trustees .. 40 1. Duty of Loyalty .. 41 2. Fiduciary Duty to Be Generally Prudent .. 41 3. Duty to Control and Protect trust Property .. 41 4. Duty to Inform and Report .. 42 5. Implications of Fiduciary Duties .. 42 B. Modifying and Terminating Trusts .. 43 1. Modifications Under Common Law .. 44 2. Modifications Under the Texas trust Code .. 45 a. Statutory Language .. 45 b. Application of the Statute .. 46 i. Trustee or Beneficiary May Bring Suit .. 46 ii. Authority of Court .. 47 iii. Findings Required .. 47 iv. Spendthrift Clauses Not an Impediment .. 48 v. Virtual Representation and Related Issues.

36 estate planning and community property law journal [vol. 6:35 a. “decanting” ..... 54

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