Revocable living trusts are amended by either attaching an amendment to the original trust or restating the entire trust, reports About.com. In complex situations, the trust makers may need to revoke the original trust and create a new revocable living trust.Continue Reading
Creators of revocable living trusts typically name themselves as trustees so that they maintain control of the assets as long as they are alive, according to AARP. Simple changes, such as changing names of beneficiaries or trustees due to marriage, changing successor trustees, or adjusting details in specific bequests, are accomplished by attaching an amendment, states About.com.
The changes should be described clearly, and the amendment must be signed by everyone designated as makers of the trust, with all signatures notarized, reports Nolo. If the trust makers get married, have children, add or subtract substantial assets, move to a state with different property management or marital property laws, or make other complex changes, the trust makers may need to restate the trust and include the new changes. The restatement keeps the original date of the trust and allows the property in the trust to remain intact.
A trust revocation should only be made in major life-changing situations such as a divorce or when the changes are so extensive they would cause confusion, according to Nolo. When a trust is revoked, it is nullified, states About.com. Assets revert to the trust maker, and a completely new trust is created.Learn more about Financial Planning