Need To Change Your Trust?

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Need To Change Your Trust?

We often hear from clients who think they need to completely restart their estate planning process just to make a few changes to their trust. The good news? In many cases, you don’t need to start from scratch. Understanding your options for modifying an existing trust can save you time, money, and unnecessary complications.

Types of Trust Changes

The most common types of trust modifications include

  • Adding or removing beneficiaries
  • Changing distribution terms
  • Updating successor trustees
  • Incorporating new assets
  • Adjusting to life changes like marriage, divorce, or births
Your Modification Options

Depending on your trust’s terms and the changes needed, we can usually modify your existing trust through one of these methods:

Amendment: Think of this as adding a postscript to your trust. An amendment works well for small, specific changes while keeping the rest of your trust intact. This is often the simplest and most cost-effective approach for minor updates.

Restatement: A restatement allows you to keep your original trust date while comprehensively updating its terms. This option works well when you need to make multiple changes but want to preserve the trust’s original date and framework.

When You Might Need a New Trust

Sometimes starting fresh makes sense, particularly if:

  • Your existing trust is very old
  • You’ve accumulated numerous amendments
  • You’re making fundamental changes to the trust’s purpose
  • Your family situation has changed dramatically

The best approach depends on your specific situation. We’ll help evaluate factors like the scope of desired changes, your current trust’s flexibility, cost considerations, and future administration complexity. Whether you need a simple amendment or a complete restatement, the key is ensuring your trust continues to reflect your wishes and protect your legacy. Contact us today at 724 841 1393 to discuss the most efficient way to keep your trust current and effective.