Making changes to an active trust is possible with a trust amendment form. An amendment to an active trust allows you to make changes to an existing trust while keeping the original document active. If you have a joint trust with your spouse, both of you must accept any changes to the trust. An amendment to a trust is a legal document that modifies one or more aspects of an active, revocable trust, without revoking the entire structure.
The purpose of a modification of an active trust is to help you make changes to the beneficiaries, trustees, or provisions of the trust, or to modify any condition of the trust. Modifying a living trust can be relatively straightforward. To make minor changes, you can use a trust amendment form to update your existing trust. This document allows you to make small deletions or additions to the original Trust document and must be preserved along with the original Living Trust document.
You must distribute a copy of the amendment to anyone who has a copy of the original Living Trust document. Lucie's revocable living trust attorneys from Kulas & Crawford discuss when you can modify a trust and what options you have to carry out the desired modification. A trust update is the practice of making changes to your trust, such as adding a trust modification form, for example. Consequently, if you created a revocable active trust or a testamentary trust, you have the ability, as a trustor, to modify the trust at any time.
Sometimes, the original language or terms of the trust document include specific instructions on how to modify your revocable trust. It is important not to attempt writing or updating Trust documents without a Trust modification form, as these changes could be challenged during the will processing. A revocable living trust is a legal document that allows you to own your assets for as long as you live and then transfer them to another person when you die, without those assets having to go through a lengthy and expensive judicial process known as probate legalization. People often change their trusts (also called trust modifications) when the creator of the trust experiences a significant change in their life, or they want to change who would be in charge of their trust if something happened to them, or they want to change the beneficiary of the trust or the way the assets would pass into the hands of that beneficiary.
The creator of the trust can change the beneficiaries of the trust as long as he is alive and has mental capacity. Revocable trusts are very flexible and allow the creator of the revocable trust to maintain control over the assets while they live. The trustee or group of trustees of a revocable trust can legally modify a revocable trust to make it irrevocable. If you want to completely revoke a trust (because you have changed your mind about using a trust or want to move from a normal active trust to a joint active trust, for example), you can use an active trust revocation document.
Lucie advocates for revocable living trusts in Kulas & Crawford by calling (77) 398-0720 to schedule an appointment. A trust modification form is designed to give you flexibility and make changes to your trust when necessary, although this is only one of the three main ways to update your estate plan. Your lawyer will help you modify your trust, either by completing an additional legal document to reflect the changes or by modifying and reforming your trust in its entirety, meaning that you keep the name of the original trust but have a completely new legal document (unlike the original Trust document plus a separate Trust amendment). Making amendments and modifications to an existing revocable living trusts can be complex and requires careful consideration and planning.
It is important that any changes made are done correctly and legally so that they are valid and enforceable in court. It is also important that all parties involved in making changes are aware of their rights and responsibilities under any new amendments or modifications made.
