A living trust is usually set up by a person (referred as the "settlor") who wants their money or other assets put away during their lifetime for the listed beneficiaries. There are two types of living trusts, revocable and irrevocable. An irrevocable living trust cannot be amended once it is set up as opposed to a revocable trust which can be amended during the lifetime of the person. Living trusts are made in order to avoid probate fees from lawyers, courts and executors by distributing the assets before the person passes away based on contract law. To amend a revocable living trust, a person needs to do the following:
- Fill out a form with the relevant information regarding the exact trust one wants to amend.
- Write out the new amendment in the area provided in the form and make sure the language is concise and thorough and does not conflict with the trust.
- Make copies of the new amendment and file them with the original and any other copies you have on file.
Note: Consult a lawyer if you are unsure on how the new amendment may affect your living trust so there are no confusions once it has been amended. Try and make your amendment all encompassing, in other words fit as much changes into one so there are not numerous forms floating out there. A revocable trust is in no way a substitute for a will, especially to an estate of any considerable size and wealth. Establish a trustee in case the settlor cannot perform his or her duties for any unforeseen reasons.
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