How to Make Changes to a Living Trust
Making changes to a living trust is generally not a difficult task --as long as your trust is revocable. If it is an irrevocable living trust, no changes can be made once you have signed it. However, if it is revocable, its terms may be changed either through trust amendment or trust amendment and restatement.
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Instructions
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Determine whether you need a trust amendment or trust amendment and restatement. A trust amendment is appropriate when there are only small changes to be made, such as updating a beneficiary's name change upon marriage or divorce, adding or deleting simple bequests, or changing the person who serves as your trustee. A trust amendment and restatement should be used if you want to make sweeping changes, such as adding or deleting a key beneficiary (like a new spouse), changing the way your money is distributed or to comply with new laws.
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Make a trust amendment by typing up a separate document clearly articulating the modifications you want to make. The new document should be signed, dated and attached to the original trust. Do not simply cross out the old information in the original trust and note the new information in a margin. This approach can lead to confusion later and possibly even invalidate the trust.
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Make a trust amendment and restatement by rewriting (or have your attorney rewrite) your entire trust with your new information and intentions. This new document will completely supersede your original trust, although the name of the trust and its original date will not change.
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Tips & Warnings
If you have made several amendments to your trust over the years, you may want to merge all the changes into a trust amendment and restatement. This would lessen potential confusion about your intentions after you are gone.
It is strongly recommended that you consult an attorney in making either a trust amendment or trust amendment and restatement. Even if the modifications appear simple, certain changes can cause legal ramifications that you did not intend.
