How to Restate a Living Trust
Creating a living trust gives you the chance to keep your assets out of probate when you die, for the benefit of your heirs. It also keeps your property private instead of becoming a part of public knowledge, as is the case with probate. If you create a living trust and you later want to change it, using a restatement can help you change the terms without changing the original creation date or notifying financial institutions.
Other People Are Reading
Instructions
-
-
1
Contact your estate planning attorney to get help with the trust restatement. Since the trust restatement is an official document, you need to make sure that it is done correctly with the help of an attorney. If you do not complete the document correctly, it may not be legitimate.
-
2
Tell the attorney exactly what you want changed from the original trust arrangement. For example, if you want to change the beneficiaries and the way that your property is distributed upon your death, you must tell the attorney. The attorney will create a new document in reference to the old trust document. These changes will then be included on the new document.
-
-
3
Sign the document, and have it notarized. Without having the document notarized, most state courts will not recognize it as an official document. In that case, the original living trust document will be used to distribute your property. If this happened, your property could be distributed against your most recent wishes.
-
4
File the living trust and the restatement in a safe location, and notify your executor or trustee of its location. This way, when you pass away, he can get the trust document and begin processing your estate.
-
1
