To Amend or Revoke, Which Is the Best Option to Update Your Trust?

As many estate planning experts would say, getting a trust set up as early as you can is a very good thing to get taken care of right away. As we all know, death can come at any time and it is better to be prepared than unprepared for the unexpected. While writing your trust early can get you ready for the unexpected, what do you do if elements in your life change and the Trust is no longer represents your true wishes and desires for your property? Are you locked in? Is the trust permanent? The answer is no, but what you should do about it can vary.

An easy example of a trust that needs amendment or revocation is a trust which was set up for the sake of children who have since grown into adults. Often when trusts are set up for the benefit of young children the instructions for how the money is to be used, distributed, and spent can be very detailed and may not simply be a flat distribution of the child’s entire portion of the estate. Some parents, either because their children are too young, or because their children are bad with financial management, will include instructions in their trust of how much at any one time a child can be given or withdraw.

While getting your trust set up right away is a very good thing to do so that you are protected and your wishes documented, it is equally important to make sure that your wishes remain current and updated so that you do not run into situations like what has been described above.

But what should you do? Do you amend the trust or revoke it? The answer varies and it often comes down to how complex your trust document is. Most trusts, if written competently are both inclusive while also being simple and easy to edit. Most changes to a trust can be made by a simple amendment that can be added at the end of the trust. This can include changing who gets what, how money is distributed, or changing who the trustee will be.

Even the best trusts though can be need to be revoked. If you have massive changes that almost completely re-writes the trust, or if you have so many changes that your trust would require multiple pages of addendums, it may be best to revoke the original trust and simply replace it with a new one which better encapsulates your current situation and your current wishes.

If you have a trust which you feel needs to be amended or you wish to draft an entirely new trust, revoking the prior one, please consider reaching out to the Law Offices of Andrew Szocka P.C. We have extensive experience in trusts and estates and would be happy to assist you with all aspects of your estate plan. Give consider giving us a call at 815-455-8430 or shoot us an email at info@szocka.com.