As time passes and circumstances change, you may find yourself wanting to amend your trust to more efficiently address your new goals and wishes. Fortunately, an amendment to a living trust is generally a quick and easy process. Following is an overview of the language that should be included in a trust amendment or restatement in order to be most effective:
- Reference the grantors, or settlors, of the declaration of trust.
- Reference the full name of the trust.
- Include the date that the original version of the trust was executed.
- Include the names of the trustees appointed in the original trust instrument.
- Reference the specific section of the trust that grants the authority to amend the trust terms.
- Reference the specific terms of the trust that you are changing.
- Include the new language that you want incorporated into the trust.
- If the amendment is a full restatement of the trust, redraft the trust in its entirety.
- Include the date on which the amendment to your trust is signed and effective.
- Ensure that all trustees and grantors sign the amendment.
- If the terms of the trust require that amendments be delivered to the trustees, have the trustees sign an acknowledgment of receipt.
- While it is not a requirement for a trust or its amendment to be notarized, it is good policy to notarize these documents regardless.
Following these requirements will help to ensure that the validity of your living trust is not challenged. For more information about how we have helped countless clients with their plans, view our testimonials today.