While making changes to a living trust might seem like a complicated task, the truth is it’s as easy as changing your mind.
The process is actually very similar to changing your Will. For smaller changes, you can simply create an amendment that identifies or outlines the changes you want to make. If you’re deleting a provision of the trust and replacing it with a new one, then you’d first identify the provision you’re deleting and then continue with the provision that will replace it.
For example, “the paragraph that reads…. is deleted in its entirety and replaced with the following…”
Now, like a Will, too many amendments can get confusing so if you’re making major changes or you’ve made multiple changes, you may just want to create an entirely new document. This is known as creating a “restatement” of your trust and essentially, you’re just rewriting your trust document to include all of your various amendments.
Be sure to have your estate planning attorney help you with any changes you want to make and once you’ve updated your document, make sure that older versions are destroyed and your family is aware of the new, improved trust. This will help avoid confusion down the road.
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- Beneficiary Designations - March 1, 2021
