There may be several reasons as to why you would want to make changes, or amendments, to your trust. From the time you created your trust, you may get divorced and remarried. You may have more children or a falling out with a trusted friend. And you may even come into a large sum of money through inheritance or lottery winnings.
You will want to make an amendment to your trust when you want to change beneficiaries, change trustees, or change the distribution of your assets. However, you may not need to create an amendment should you acquire new property after the drafting of the original trust. If you've properly set up your trust, especially with a knowledgeableestate litigation attorney, then new property can be titled as owned by the trust and listed on the schedule of assets as such. But, if you want any of that new property to be granted to a beneficiary other than the one already stated, you will need to make an amendment.
Even if you would like to make changes to the trust, you must of course be aware of whether or not you can make those changes based on what type of trust you have. A Revocable Trust will be far more easier to amend than an Irrevocable Trust.
If you feel you need to make amendments to an existing trust and would like to know if your current trust qualifies for such amendments, please contact one of our professional Los Angeles Trust Administration Lawyers.
*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.