Trust Amendments & Restatements in Los Angeles
What is a trust amendment and why is one needed?
If the grantor of a
revocable living trust is still alive and mentally competent, he or she can make changes to the
trust at any time. Such changes consist of modifications, updates, or
the complete revocation of specific provisions. The amendment is called
an "Amendment to the Living Trust" and is usually a separate
document attached to the original trust.
Several different circumstances may lead a grantor to amend a living trust; such as:
- Sale of a trust property
- Birth of a child
- Name changes
- Death of a spouse or beneficiary
- Adding/deleting certain bequests
Also, if the grantors of the trust move to a different state, the trust
may need to be amended per the state laws in which they newly reside.
While similar to an amendment, a restatement is much more extensive.
When would a trust restatement be necessary?
Due to many reasons, a restatement of a trust is sometimes needed. It involves
revising the entire trust, from beginning to end. This becomes an
amendment, which then revokes all previous amendments. A trust may become out of
date or irrelevant due to changes in the law. Amending it line by line
may prove to make it so complicated that future trustees might find it
difficult to understand; also, it may no longer reflect the wishes of
its creator or grantor.
If significant changes to the trust need to be made, such as adding or
deleting beneficiaries or changing asset distributions from family members
to charities, a restatement will typically be needed. Fortunately, the
Law Offices of David A. Shapiro, P.C. is ready and able to assist you
in the restatement of your trust.
The Role of a Los Angeles Trust Lawyer
A trust may also have many amendments done over the years, in separate
documents, which may make it difficult for your beneficiaries to piece
together. In this case, it may be prudent to consolidate all those changes
into one document: a restated trust. It may be difficult and time-consuming
for a Los Angeles trust attorney to make extensive changes to an existing trust.
A restatement may be faster, less expensive, and easier for all concerned.
The name of your trust and the date it was created will remain the same
for your restated trust. All your bank accounts, brokerage accounts, deeds,
etc. won't need changing either if they have already been transferred
to your original trust.
We Have a Background You Can Trust
At the Law Offices of David A. Shapiro, P.C., we focus on estate litigation and
trusts, so we have a thorough background in writing amendments for trusts. Here
in our office, David A. Shapiro and the rest of our legal team are eager
to assist you in modifying the provisions of your trust document to suit
your current needs and objectives.
If you or someone you know needs to make changes to a living trust, our
firm is ready to help you make those alterations so that they are legally
valid and binding. A trust is a legal document, so simply marking up or
adding a hand-written addendum to your original is not a valid option.
Ensure that your living trust is amended properly by using the services
of a Los Angeles trust amendment attorney at our law firm.
Call our Los Angeles trust attorney today!