Amending a Living Trust

A living trust is one of the most popular tools that is used in estate planning. This method provides you with more control over what happens to your assets when you die. Sometimes, after creating a living trust, you may need to amend it. Here are the basics of how to amend a living trust and why you might need to do so.

Why Living Trusts Are Amended

There are a variety of reasons that a living trust might need to be amended. One of the most common reasons for amending a living trust is to change beneficiaries. Sometimes, living situations and relationships with family members change. You might change your mind about a person that you had named as a beneficiary. The beneficiary might pass away and then you would need to name a new beneficiary. You might even want to change what assets go to which beneficiary. Regardless of your reasoning for requesting a change, you should be able to amend the living trust.

How to Amend

Amending a living trust is actually very simple. In order to do so, you  will simply need to fill out another document that will alter the existing agreement. You can consult with your estate planning attorney to have them help you with this or you can buy a form online.

Do you need a will when creating a living trust?

If you are creating a living trust, even though it will provide you with the ability to specify exactly what happens with certain assets, you still need to have a will. The will is going to help you specify exactly who gets the sum total of all of your assets. The living trust can be used only on specific things like life insurance or other pieces of property. When creating a living trust, you will need the will as well as other important documents that deal with the ownership of your property. You will need to change the ownership of your property over to the trust.