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How to amend a trust

Nevada residents who want to make changes to a trust might wonder whether they should amend it or write an entirely new one. The first step is to make sure that it is possible to amend the trust. Most living trusts can be amended or revoked.

Most amendments are not complex documents. They simply explain the changes needed while acknowledging that it is possible to amend the trust and that the other parts of the trust remain the same. However, people should keep in mind that if a trust has multiple amendments, it can become confusing.

While creating a new trust may seem tempting in this circumstance, it also requires retitling all the assets that were in the old trust. Therefore, a better approach might be to use an amendment and restatement. This is essentially not very different from creating a new trust but avoids the hassle of having to retitle the assets because it technically remains the same trust. An attorney may be able to assist a person in whatever changes are necessary to a trust including amendment and restatement.

People who are creating an estate plan might also want to consider whether a trust might play a role. People who think of trusts as tools for the wealthy may be surprised by their versatility. If they have beneficiaries who are likely to be irresponsible or a charity they want to support while also generating income for beneficiaries, trusts may be created that do all these things. A special needs trust may be created to help support a loved one who receives government assistance without interfering with that assistance. Trusts can also protect assets from creditors or from spouses in the case of divorce and may be used to keep an estate plan private and pass assets more quickly to beneficiaries.

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