Updating a living trust

A living trust is a trust established during the life of a person.All assets are deposited into the trust and removed from the possession of the original owner.There are four typical changes that can be made to a trust. For instance, if you wrote down the wrong birthday of a beneficiary, this change would be corrected in an amendment. This means that an amendment must be signed by the trustee, two witnesses, and notarized.The document is then attached to the original trust document.In this document, assets may require re-labeling and specific instructions regarding each beneficiary may be in order.This document is not part of the actual trust, but should be included in the trust portfolio papers to make the transition easier.The amendment can be used to make minor deletions and/or additions to the original trust.It can be relatively simple to amend a Living Trust.

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Before discussing when Trust Amendments or full Amendments and Restatements are required, you’ll need to understand what a Revocable Living Trust is – a legal contract between the Trustmaker and Trustee that can be changed at any time and requires the Trustee to oversee the management of property transferred into the trust by the Trustmaker for the benefit of the Beneficiary of the trust.

This allows the owner to avoid probate upon his death, ensuring greater privacy for him and his family.

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