An irrevocable trust held title to vacation properties and an operating fund used for family reunions. The trustee engaged DeAngelis Legal to assist with the trust administration. Certain members of the family desired to continue to use the property, while others were ready to liquidate the trust and distribute the proceeds. Unfortunately, title to the property was subject to transfer restrictions which would potentially allow an unrelated third party to purchase the vacation properties upon a transfer. DeAngelis Legal reviewed the pertinent documents and resolved the matter by having the beneficiaries enter into a non-judicial settlement agreement whereby the beneficiaries desiring to keep the property contributed funds to the exiting beneficiaries and the trustee modified the irrevocable trust so that the trust was controlled by, and limited to, the remaining beneficiaries.
