Can I Change My Living Trust?

As your life changes, so should your Living Trust. Keeping it up to date ensures it continues to reflect your current wishes and circumstances. Here’s a straightforward guide on how to manage and update your living trust effectively.

Adding New Assets

If you acquire new property or assets, you can add them to your existing trust without much hassle. Most living trusts have a clause that allows you to include new property easily. You simply need to list the new asset on the trust schedule and transfer the title to the trustee’s name. No need for additional notarization if you’re just updating the schedule.

Making Amendments

When you need to update specific terms of your trust, such as changing beneficiaries or altering how assets are distributed, an amendment is the way to go. You can draft a formal amendment, sign, date, and notarize it. This ensures your trust remains aligned with your current plans.

Restating the Trust

If you want to make more significant changes without starting from scratch, you might consider restating your trust. This involves creating a new version of the trust that incorporates updated provisions while retaining the same name. It’s a practical solution that avoids the need to update property titles.

Creating a New Trust

In some cases, major changes might require creating a new trust altogether. This process involves revoking the old trust, setting up a new one, and transferring assets under the new trust’s name. It’s a more involved process, including notarization and re-registering property, but sometimes necessary for significant updates.

Keep Your Trust Updated

Regular reviews of your living trust ensure it adapts to changes in your life, whether they’re personal or financial. Schedule updates whenever you experience major life events, such as marriage, divorce, or significant asset purchases.

At The Mendez Law Firm, we specialize in Estate Planning and can guide you through the process of creating and updating your Family Estate Plan. Call us at (407) 380-7724 or email us at mail@themendezlawfirm.com. We offer a FREE, No Obligation, No Cost office conference or Virtual Zoom conference to discuss your Family Estate Plan and explore Probate avoidance and Asset Protection options that may benefit you and your family. If you’re seeking a Florida estate planning attorney in the Greater Orlando Area, we’re here to assist with all your Estate Planning and Asset Protection needs.