By setting up an irrevocable trust, you obviously have decided that you want a pretty solid trust and wouldn't want changes to be made to it. However, there are ways that it can be modified under existing California laws with court approval.
One way to modify an irrevocable trust, permitted under California Probate Code Section 15403, is that all the trust beneficiaries consent to the modification. This process is allowed given that certain provisions do not apply such as whether the continuance of the trust is necessary to carry out the material purpose of the trust or that the trust contains a spendthrift clause. This process does require the probate court's consent. And it may be difficult to obtain permission from all the beneficiaries, especially if some of them are minor children.
If you would like additional information on what legal options you have for modifying an irrevocable trust, contact a professional Estate Planning Attorney.
*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.