A living trust is one of the important estate tools you need to manage and distribute your assets whether during your lifetime or after death. One of the benefits of a living trust is that it can be amended, updated or revoked at any time as long as you’re still alive and capable of doing so.

However, making changes to a living trust can be challenging and this is where trust attorneys take the reins. Continue reading to learn more:

The Purpose of Amendments

What a trust attorney does first is to address why a client wants to amend their living trust. Some common issues include changes in marital status, death of a beneficiary or changes in financial circumstances. 

Other changes might be adding or removing assets or beneficiaries. Understanding why you want to amend your living trust helps the attorney provide the best legal guidance. They also consider whether the amendment will have any legal or tax consequences. They ensure your estate planning goals align with your current wishes and legal standards.

Drafting Amendments

When you decide to amend your living trust, a trust attorney decides on the best approach to make the change. There are mainly two ways to amend a living trust. They are:

• Simple Amendment

A simple amendment involves creating another document with a detailed list of specific changes to the trust. This document must be signed like the original trust document. This kind of amendment is mainly used for minor updates such as changing a beneficiary or updating trustee designations.

• Restatement 

There are cases where a trust attorney would suggest restating the entire trust instead of making amends to specific sections. A restatement replaces the original document however, it reserves the trust’s name and original date. Trust attorneys follow this approach when there are numerous amendments. 

Ensuring Compliance with Legal Requirements

During the amendment process, the trust attorney ensures that all legal requirements are met. This includes verifying that the grantor has the mental capability to make the amendment. This ensures that the amendment or restatement is properly drafted and executed, confirming that the amendment complies with state laws governing trusts.

Also, trust attorneys verify the changes in the distribution of assets and ensure they’re consistent with other estate planning documents. Any altercation between these documents can lead to confusion or legal disputes. Trust attorneys work hard to ensure the amended trust is clear, enforceable and free from potential conflicts. 

After the amendment has been completed, trust attorneys help in communicating the changes to every concerned party and financial institution. This step is necessary to avoid confusion or disputes down the line. 

Conclusion

Completing living trust amendments requires skill, experience and a deep understanding of estate law. It is not so easy that you can embark on the process on your own. Trust attorneys facilitate the process and ensure all changes are legally sound and effectively implemented. Hiring a trust attorney is your best option to maintain the integrity and intent of your living trust even after the amendment.