• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sexton, Bailey Attorneys, PA

SEXTON BAILEY ATTORNEYS, PA an Arkansas Estate Planning & Trust Information Center

Sexton, Bailey Attorneys, PA

Northwest Arkansas Estate Planning Attorneys (479) 443-0062

Click Here to vote for us for the Best of NWA!

Client Vault
  • Home
  • Our Firm
    • Our Firm
    • About the American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • News & Events
    • Our Reviews
    • Speaker Connection
  • services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • Legacy Planning
    • Pet Planning
    • Secure Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Webinars
  • Practice Areas
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Articles
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Legacy Wealth Planning
      • Medicaid Planning
      • Pet Planning
      • Trust Administration & Probate
    • Newsletters
    • Pre Consultation Form
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
  • Blog
Home / General / How Do I Change My Trust?

How Do I Change My Trust?

August 10, 2015 by Deb Sexton Leave a Comment

change my trustThe goal of estate planning is to provide security for your family’s future, by creating a comprehensive, customized plan for your assets.  A revocable trust is one of many valuable options for estate planning. As with most things, however, the plan may need to change, as your financial situation or family dynamic changes.  So, if you are wondering: you change your trust when the time comes,  You actually have several options.

Why revocable trusts are useful

One great benefit of a revocable trust is that it can be modified at any time, during your life.  In fact, whenever your circumstances change, it is a good idea to review your trust and  make any revisions that are necessary.  It is this flexibility that makes a revocable living trust an extremely useful estate planning tool.

Ways to modify a revocable trust

Making changes to a revocable trust does not have to be a complicated process.  There are basically three methods: amendment, restatement or revocation.  Revocation is not technically a modification, but it is still a way to change the terms of an existing trust.  No matter which method you choose, there are certain laws that may affect whether or not your changes are valid.  So, be sure to consult with an estate planning attorney in your state to make sure your changes will be valid.

Modifying your trust by amendment

There can be some situations where an amendment is all you need.  For example, if you get married or have a baby, an amendment that adds new provisions for the new additions to your family will likely be sufficient. Adding new property to your trust, or changing your beneficiaries can also be accomplished quite easily with an amendment.

In some cases, revocation may be a better option

On the other hand, if the revisions you are considering will be complex or extensive, it may be a better idea to simply revoke the trust entirely and draft an entirely new one.  By revoking the original trust and starting over, it will be easier to ensure your new terms are clear and accurate.  The main drawback, however, is that you will need to once again go through the hassle of transferring certain property to the new trust.

Creating a restatement of your trust

Amending your trust once, can be an easy way to modify its terms.  However, if you add too many amendments, it can get confusing.  Another option is to restate the existing trust, without revoking it entirely.  This way, you only need to include the changes you need to make, while retaining the original date of the trust.  You will not need to re-transfer your trust property, which saves money and hassle.  In fact, restating a trust is a very simple process.  You need only state that the trust is a restatement of the original, and indicate that the original terms of the trust remain in force, with the exception of the new terms.

If you have questions regarding revocable trusts, or any other estate planning needs, please contact Sexton, Bailey Attorneys, PA online or by calling us at (470) 443-0062.

  • Author
  • Recent Posts
Deb Sexton
Latest posts by Deb Sexton (see all)
  • Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
  • Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
  • The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Sexton, Bailey Attorneys, PA

Is Your Plan Outdated?

Subscribe to Our Blog

Office Address

Fayetteville
2766 Millenium Drive
Fayetteville, AR 72703
Phone: (479) 443-0062

Office Address

Prairie Grove
1100 Division Street, Suite 4
Prairie Grove, AR 72753
Phone: (479) 846-6026

( By Appointment Only )

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 12:00 PM

Map

map for office
  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

footer-logo

© 2022 American Academy of Estate Planning Attorneys, Inc.