Life changes, and when it comes to estate planning, modifications may be necessary from time to time. Changing revocable living trusts can be done in different ways. Although a complete revocation can cancel the trust, this can be an expensive and time-consuming process. New York residents have other less-complicated options available by which the necessary changes can be made.
A trust amendment can be done to keep up with life events such as getting married or divorced, adding or removing beneficiaries because of births and deaths, and other such revisions. There is no need to revoke the entire trust and create a new one. However, in cases where the trust has undergone multiple adjustments over the years, the many documents associated with those changes may pose too much of a challenge for the person who must manage the trust after the trustor's death.
Another option is a restatement of the trust that can be done in a single document that confirms that the original trust remains in place with specific changes. That document will detail the changes and is commonly referred to as an Amendment and Restatement of Declaration of Trust. Married couples who formed and managed a revocable trust together must both sign any amendments or a restatement. However, either party may revoke the trust.
New York people may find the prospect of making amendments to their revocable living trusts overwhelming. However, help is available. An experienced estate planning attorney can provide the necessary support and guidance. At the same time, a lawyer can give answers to any estate planning questions the client may have.
Source: thebalance.com, "Learn How to Change Your Revocable Living Trust", Julie Garber, Accessed on Feb. 3, 2018