How to Rename an Irrevocable Trust?
Every trust has its own rules, terms and conditions. While most trusts share common general features, the details are often distinct based on individual circumstances and preferences. The terms of one irrevocable trust, for example, might provide that the trust is not only irrevocable, but also can't be amended for any reason; another such trust, on the other hand, may be irrevocable, but it might allow for amendments for nearly any reason.
Other People Are Reading
Instructions
-
-
1
Read the trust document for any provisions describing how or when the trust may be amended, and who may amend the trust. You will need to follow any specific details provided by the terms of the trust.
-
2
Contact the trustee and each of the beneficiaries for consent to rename the trust. Even if the trust does not expressly allow it to be renamed, you can do so if you have everyone's consent.
-
-
3
Identify all of the property listed on the trust schedule and file the necessary paperwork to properly identify the new name of the trust. For example, if there is real estate in the trust, you will need to provide a new deed that identifies the new trust name.
-
4
File a petition with a local state court to have the trust renamed. This step is only necessary if you can't obtain the consent of the trustee or the beneficiaries but you think there is a good reason why the trust should be renamed.
-
5
Prepare an amended trust document that states that this new trust replaces the former trust entirely. Keep this amended trust document in the same collection of records as the former trust document.
-
1
Tips & Warnings
To keep track of things in a clear paper trail, it is best to keep all former and new trust documents in one location. Most estate planners provide their clients with a master binder that holds all originals, including amended and obsolete documents, just to be careful and have a clean written record. This type of meticulous record keeping can be invaluable if the trust is ever challenged, or if title to any of the trust property is ever questioned.
If you amend the name of your trust, you will have a lot of paperwork to fill out to make sure all of the trust property is properly re-titled under the new name. This includes real estate, bank accounts, other financial accounts, and personal property such as cars, boats, and recreational vehicles. If you forget about some of the property then you could risk losing ownership of that property.
