Otherwise, a trust amendment or restatement is typically appropriate if you just want to change or add beneficiaries, if you marry or have a child, or if you add significant property.
A trust amendment changes one or more provisions of the trust without revoking or undoing it, but if you make numerous changes over the years, this method can become confusing.
The ease of amending a revocable living trust is just one of the many benefits of using one as the foundation of your estate plan.
Life is rarely stagnant and a revocable trust gives you the flexibility to make changes to the terms of the trust agreement so you can keep pace with life's events as long as you are mentally competent. But how do you make changes to your trust that will be legally valid?
As a company grows and changes, the people involved form bonds that last. Our team have been backing businesses together for twenty years.
We can bring a new perspective – we’ve done it over a hundred times.
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If you and your spouse are co-grantors and co-trustees of your revocable living trust -- you formed it and manage it together -- either of you can generally revoke it at any time.
If you want to change provisions, however, either with an amendment or a restatement, you must both agree to the changes in writing.