William Schwartz, counsel to Cadwalader, Wickersham & Taft, writes: The common law, in relatively exceptional circumstances, provides only limited relief to cure problems with or defects in an irrevocable trust. The New York legislature has seen fit to provide broader statutory avenues of relief. In 2011, the legislature greatly expanded the reach of EPTL Section 10-6.6. This legislative action has provided fresh and significant impetus to utilize this statutory enactment and engage in a process commonly referred to as "decanting."
Modifying Irrevocable Trusts: Proceed, But With Caution
New York Law Journal
September 16, 2013