trust change and safety

Hi!  There are generally 2 main options for revising the terms of a trust: an amendment or a restatement (see below).  The restatement is the most complete and secure (i.e., least likely to be successfully contested in court) method of revising a trust to change how beneficiaries can access your things when you're gone.   A Trust Amendment revises the terms and conditions of a trust. Trust Amendments are generally only used if certain provisions of a trust agreement have to be modified, but the rest of the provisions of the trust remain unchanged. Minor changes may include updating a beneficiary’s name, changes due to marriage or divorce, adding or removing simple gifts, or naming a different trustee. A Trust Restatement completely replaces all the provisions of the original revocable living trust  with new provisions that meet the current goals of the creator of the trust. A Trust Restatement is usually recommended if the basic goals of forming the trust have changed, or if all or main provisions of the trust agreement need to be changed. Changes in the number of beneficiaries, changes in the way in which the funds or assets are to be distributed, or compliance with new laws are a few of the significant changes that may require a restatement. A Trust Restatement may also be recommended if the trust has already been amended several times and consolidating all changes in a clear manner will help provide clarity and avoid confusion. A Trust Restatement may also make sense if federal and state estate tax laws change, or new administration laws are enacted. Amendment vs Restatement While an amendment makes sense for minor changes, a restatement may be vital if major changes are made. There is no specific rule regarding when you should use a restatement or how many times a trust can be amended before it needs to be restated. Handwritten changes may not be acceptable in some states or might be considered invalid.