How to Amend a Living Trust
A revocable living trust is a contract which specifies how assets in an estate are to be distributed. The trustmaker, in essence, creates a contract with the trustee with the living trust. The key to revocable living trusts is that they are, as their name suggests, alterable at any time during the life of the trustmaker. However, it is important to make sure that your amended trust is legally binding; therefore, to this end you should work with an estate planning attorney in Conroe.
Reasons for Amending Trusts
Texas estate laws recognize that situations can change after a living trust is created that necessitate amending the document—people marry, divorce, die, children and grandchildren are born, etc. An estate planning attorney in Conroe will suggest a simple amendment to your existing living trust should the changes you need to make be minimal. For instance, perhaps your daughter remarried and her last name has changed.
However, if you need to make significant changes to your living trust, your estate planning attorney in Conroe will suggest that you consider a trust restatement. A trust restatement entails creating a new trust to replace the existing one. This can prove very useful to your trustee, for when the time comes to fulfill the requests of your trust, a clean document will prevent confusion. For this reason, if you have made multiple amendments to your living trust, it is likely a good idea to create a trust restatement.
How to Amend Your Living Trust
Creating an amendment to a living trust is a fairly simple process. However, it is important to follow proper procedures, rather than simply make handwritten notes on the document. You should work with an experienced estate planning attorney in Conroe in either amending a trust or creating a restatement. In both cases it is important that you and any party with whom you created the trust, sign the document and have it notarized.
Contact an Estate Planning Attorney in Conroe for Legal Assistance