When it comes to estate planning, most clients ask us how to change their trust and want to know if there are benefits to amending a trust. People usually wait until there is a precursor event to amend a trust, but for most, updating a trust should not wait until there is an emergency.
What are the benefits of amending a trust?
One of the major benefits of amending a trust is that the process of amending a trust keeps you engaged in your life changes as well as your asset changes. During the review of the trust for the purpose of amending it, your trust lawyer will ask you to update your asset list to make sure that the trust is properly funded. So, another benefit is that taking regular action to keep the trust funded will increase the odds of avoiding probate in the future.
When is the best time to amend a trust?
The best time to change a trust is when you are healthy. Ideally, you should review a trust every couple of years, but amending a revocable trust is done after you call your trust lawyer and discuss the circumstances of your life, your assets, your business and your children. For example, if your business partner is getting divorced, you may consider amending your trust to address how your interest in the business should be distributed or handled. Making a trust amendment will also make you review your business arrangements with other people, especially if those are made with your children. For instance, if your child is now operating your business, you may consider amending not only your trust, but your business documents to reflect your wishes with respect to the disposition of that business asset.
How do you change a trust?
People often want to know how to change or edit a trust. How do you modify a trust in Los Angeles California during your life? You will need a pad of paper and your trust to make an amendment to the trust. The pad of paper is for you to write down your life and asset changes, and the trust is used to review the amendment provisions to make sure you comply with the trust requirements regarding amendments. Of course, it is best that you take your notes to your attorney to change the trust.
What is the cost of an amendment to a living trust?
People often ask our trust law office what the cost of an amendment will be. We advise our clients that the complexity of the amendment provisions and the planning takes time and the more complex, the more time is needed and therefore determines the expense of a trust amendment. Simple amendments may take 2-3 hours, while other amendments may take longer. Talk to us and don’t resort to self-help for your trust amendment. One mistake in the amendment can result in the invalidity of the amendment.
How do I contact a lawyer to amend my trust?
You can call Mina Sirkin or Evan Sirkin at 818.340.4479 who are expert lawyers who can help you amend your trust. You can also email us here to set a free call appointment to consult us about your living trust amendment.