Another irrevocable trust bites the dust.  Surviving spouse failed to fund the bypass trust upon her husband’s death.  Trustee engaged DeAngelis Legal to negotiate and draft a non-judicial settlement agreement between the trustees and beneficiaries.  The agreement provided for a revised allocation of the assets upon the surviving spouse’s death and a release of claims by the parties.  The agreement essentially modified the terms of the irrevocable trust.  For more on modifying irrevocable trusts see Modifying or Terminating Irrevocable Trusts.