Trusts offer protection from many threats to an estate, but this security often comes at the expense of flexibility and control of one’s assets. In general, the greater control one retains over the assets he or she places in a trust, the fewer protections those assets enjoy. At some point, a trust creator may wish to change the terms of the trust, but this is not always possible.
Depending on the nature of the trust, you may not actually have the ability to amend your trust. Certain kinds of trusts are irrevocable, meaning it is not possible to amend them once you establish them. However, in most instances, it is possible to alter a trust if you follow specific procedures.
Revocable trusts may have amendments, but it is important to take the time to be very detailed in any amendment. You certainly don’t want to accidentally create further complications for yourself or your loved ones later on down the road by amending your trust carelessly. It is also worthwhile to consider whether the trust requires amendment at all, and whether or not there are other ways to achieve your particular goal without attempting amendments.
Managing your estate responsibly is never an easy task, but it is usually one that is well worthwhile. Take special care to protect the ones you love and protect your own legacy by carefully considering the terms of your trust before you create it as well as any amendments that you may choose to pursue once it is established.Your California estate planning attorney can provide important information on the law to help you as you establish your estate plan.
Source: FindLaw, “Amending Your Trust: 3 Legal Tips to Consider,” accessed May 04, 2018