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May 8, 2024 - by Colleen Aracri

MSBA's Advanced Estate Planning Institute: Trust Decanting, Legislative Updates & More

Maryland’s estate planning laws have undergone significant changes in recent years. For example, in 2023 Maryland enacted the Trust Decanting Act, which allows trustees to modify irrevocable trusts by transferring assets into a new trust with amended terms, to address legal changes, administrative issues, or beneficiary needs without court approval. Decanting allows for greater flexibility in the management and administration of trusts while preserving the grantor's essential goals, but it is only available in certain circumstances, and must comply with the procedures set forth in the Act.

Understanding how to effectively decant trusts is essential for estate planning attorneys who want to help their clients preserve wealth and achieve their long-term objectives.  Decanting Trusts is one of the key topics that was addressed during The Advanced Estate Planning Institute, presented by the MSBA Estates and Trust Law Section on Thursday, May 16, 2024.

The faculty of the Estate Planning Institute also provided their Annual Legislative Update, analyzing new laws and regulations impacting estate and trust attorneys, and discussed other topics of interest to estate planning attorneys, including Modifying Trusts via non-judicial settlement agreement (NJSA) under the Uniform Trust Code (UTC) and Ethical Issues in Estate Planning.

With six hours of credit (including one hour of ethics) offered for the surrounding MCLE states of Virginia, Delaware, and Pennsylvania, The Advanced Estate Planning Institute is not only an opportunity for professional growth but also a chance to fulfill continuing education requirements.

The program was recorded and is available for purchase on-demand here

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