A living trust allows the settlor to add and remove assets and make changes to the trust at any time.The birth of a new beneficiary, purchase of new assets, sale of old assets are some of the common reasons for making changes.You can amend a living trust if it needs to be changed.
Step 1: Find the original living trust agreement.
The amendment will need to refer to specific language and articles in the trust.Once the amendment is complete, it will need to be attached to the original trust agreement.
Step 2: Discuss it with your spouse.
If you and your spouse created a shared living trust, you must agree to the amendment.Before beginning the amendment process, you should get your spouse's approval.It may be helpful to include your spouse in the amendment process, as both spouses will need to sign any amendment to a shared trust.
Step 3: Decide which items will be changed.
To determine the item or article numbers in need of amendment, review the current agreement and decide how you want to modify them.New articles may be added to the trust.You can add a new beneficiary to the trust.If you had a new child, you might want to use him or her as a beneficiary.If you bought new property, you don't have to amend the trust.The right to add property to the trust should be included in a properly drafted trust.Adding the property to the schedule list at the end of the trust is how you do it.If you want to leave the new property to a beneficiary not named in the trust, you have to amend it.Contact an attorney if you have questions about amending your trust.
Step 4: Meet a lawyer.
Changes to the living trust can be made with the help of an attorney.When an amendment is needed and when it isn't can be clarified by a lawyer.Some attorneys now offer "unbundled" legal services if costs are a concern.The attorney will answer questions for a flat fee under this arrangement.In every state, unbundled services are not allowed.If you are interested in meeting someone to discuss amending your trust, you should call an attorney.It's not necessary to meet with a lawyer.If your trust is complex or you have made multiple amendments over the course of the past few years, you should meet with your lawyer.If you have made more than one amendment, you may want an attorney to draft a trust restatement.This can make it easier to administer a trust.
Step 5: A new document is created.
You can amend the trust by drafting an amendment.Open a new document in your favorite word processor and choose a standard style, such as Times New Roman or Arial.It's best to keep the same style for your amendment if you remember the original trust agreement.If you want to type over the sheets, do not tear them out of the trust document.You shouldn't change the page.The legal challenge could be based on the fact that the original trust is invalid.
Step 6: Title your document.
The name of the trust the amendment will modify, as well as the date, should be included in your document.The Robinson Family Trust was amended on May 13, 2012 and was executed on June 2, 1998.
Step 7: The amendment should be named the parties and the date.
The settlor and the Trustee are part of the trust.The settlor is the person who sets up the trust.If this is the case, simply name the settlor/trustee as both, for example, "John Robinson, Trustee, enter into this Trust Amendment this 13th day of May, 2012."
Step 8: There is an article that allows amendments.
The settlor may make changes to the original living trust.You should state which article allows for amendments.If an article allows the settlor to modify the trust, you will want to say something like, "Pursuant to article IV of the Robinson Family Trust Dated June 2, 1998, John Robinson now makes the following amendments."An entirely new trust may need to be revoked.
Step 9: Tell us about the changes.
Provide enough detail to make it clear what is being added or removed.Use item or article numbers when describing modifications.To modify, specify the item or article.A trust can be divided into items or articles which are numbered.If necessary, state the specific item or article you are referring to and the paragraph and sentence number.If you need to quote the original trust, you can type "Article II should be changed as follows:"The part of the text to be removed should be quoted.You can state that the text will be stricken in its entirety.Be specific about where you are adding text.Paragraph and sentence numbers can be used to refer to this.The name Jim Robinson will be added to the first sentence.
Step 10: A signature block is created.
A signature block has a line for each party to sign, with their name and title below it.The date should be added as well.
Step 11: A notary block should be included.
The sentence should say that the settlor and Trustee signed the amendment voluntarily.The space for the stamp or seal should be included.John Robinson personally appeared before me and signed the Amendment as his free and voluntary act and deed.
Step 12: An attorney review is a must.
If you didn't get a lawyer's input before drafting the amendment, you may want to have one look over it.If you can, give the attorney a week to look over the amendment.
Step 13: There is a sign in front of a person.
The settlor and the Trustee need to sign in front of the Notary.The amendment can be sealed with the help of the notary sign and stamp.Most courthouses, banks, and city clerk's offices have notaries.You can find notaries in your state by visiting the Secretary of State website.It's important to bring enough identification.A valid driver's license or passport will suffice.
Step 14: Attach the change to the trust.
Attach the original to the back of your trust.In a safe deposit box or a home safe is where the living trust and amendment should be kept.
Step 15: If necessary, file and distribute copies.
If you had to file your original living trust document with your county records department, you should amend it there as well.You should send a copy of your amendment to the other party.You might want to include your attorney, your accountant, and anyone named as an agent in a power of attorney form.