How to Revise a Trust
Creating a revocable living trust allows you to move assets to a self-contained financial construct, then to specify precisely how those assets should be used and whom they’ll benefit. Establishing such a trust is a good way to provide for loved ones or charities while you’re still around to do so. Once established, there’s little you need to do for trust upkeep, unless you name yourself as one of the trustees. If you wish to make a change to the trust, however, you can do so at any time with the use of a trust amendment. This is a legal document added to a trust that supersedes the original document language, making any changes legally binding.
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Instructions
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Examine the original trust document and locate the section that you wish to amend.
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Make a list of the changes you wish to make to the trust document. Include any property you wish to add or remove, beneficiaries you wish to change or changes in trustee appointments.
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Write out your changes in clear and concise language. Be as specific as you can in order to avoid any misunderstandings concerning your wishes.
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Update the property schedule for the trust if you’re making changes to the assets in the trust. List all assets, leaving out any you wish to remove and adding new assets to the list.
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Have an estate planning attorney review the amendment and advise you about the changes. The legal advice will help you avoid leaving behind any loopholes that could prevent having your wishes carried out.
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Sign the amendment and have your signature notarized for witness. Place the amendment with the trust documents and inform the trustees of the changes made.
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