One of the primary benefits of a revocable living trust is that a grantor can make changes to it whenever he or she wants. In some cases, it may be easier to change a trust than it is to change a will. In addition to the ability to change the document, Indiana residents may be able to revoke the trust entirely if they so desire.
There are several ways to change the language of such a document depending on what a person’s goals are when doing so. A trust amendment is generally used to add or remove a beneficiary to the trust or make other minor changes. It is important to ensure that the amendment is submitted and signed in accordance with state law. Otherwise, it may be possible for a beneficiary to challenge any change made to the document.
A trust restatement allows a person to make several changes to the document at one time without the need to remove assets from it. The restatement document itself should specify that any terms that were not amended remain in effect. If a person revokes a trust, assets will generally revert back to his or her estate until or unless he or she creates and funds a new trust. This is typically the mostly expensive and time-consuming way to change a living trust.
Those who are want to change or revoke an existing trust may want to speak with an estate planning professional. Doing so may make it easier to make the change in a proper and timely manner. An attorney may also be able to help a person create and fund a new revocable or irrevocable trust. This may ensure that assets get to beneficiaries without the need to go through probate.