Question 1: Can I change my revocable living trust? What about an irrevocable trust?
Anyone who creates a revocable living trust, known as a trustor, can change the terms of that trust at any time as long as he or she is mentally capable. You cannot change the terms of your trust after you die by, for example, dictating the amendment through your last will and testament. Also, if you created the revocable living trust jointly with a spouse, both you and your spouse will have to agree to any changes. Irrevocable trusts cannot typically be changed.
Question 2: Can the trustee change the terms of my trust?
No. Only the trustor is allowed to change the terms of the revocable living trust. There are many reasons why a trustor might want to do this. For example, if one of the beneficiaries dies, has a child, gets married, or gets divorced, this may lead the trustor to want to change terms. However, the trustor can change the terms for any reason she has and does not have to seek court approval to do so.
Question 3: How do I change the trust’s terms?
Changing the terms of your trust is as easy as creating one. Essentially, you simply have to write the terms down in a manner which comports with state legal requirements. Each state may have slightly different requirements, so you should always speak to your estate planning attorney about the details of the changes.
It is important when considering amending your trust to work with an experienced and qualifed estate planning attorney. Careful drafting is required so that the amendment is both legal and accompishes the goal you intend.
- The Role of Disability Insurance in Estate Planning - February 26, 2024
- Preparing for the Probate Process: What Families Should Know - February 24, 2024
- How to Discuss Estate Planning with Your Family - February 22, 2024