Existing Plan Amendment

An amendment to your existing plan is meant to change, update, or revise the provisions in your documents. An amendment would be recommended if provisions of your trust are outdated, if your personal circumstances have changed and you want to revise your documents or nominations, or if the law has changed since you established your plan and an update is necessary to protect assets and plan under the new legislation.

For those of you who have established an estate plan but would like a review of your plan because you want to make changes or to see how new laws may affect your existing plan, contact our firm.  The legislative world governing estate planning is constantly evolving. Consequently, if you established an estate plan, whether it was decades, years, or months ago, you may benefit from a review your documents to determine if existing plan amendment is needed.

For your information, you can amend your revocable trust, powers of attorney, pour-over will, and any other estate planning documents you established elsewhere, assuming some event has not occurred to make the document or provisions of the document irrevocable.

Often times, after a period of time has passed since establishing an estate plan, clients will change their distribution provisions, nominations of successor trustees or agents under powers of attorney, and other personal decisions that have changed as a result of ever-changing life circumstances. If this applies to you, contact our firm for a free consultation.

Restatements

A trust restatement is an entirely new trust, updated to comply with current laws and your current personal circumstances, but retaining the same name as your existing trust. A restatement is usually recommended if it has been a decade or more since you executed your trust, or if you have executed multiple amendments to your trust, but now seek to consolidate the amendments into one new document.

The fluctuating nature of the laws governing estate planning gives rise to the need to consistently revisit your documents to determine if your decisions match your current personal and financial circumstances under the law. Also, if you have a trust that you have amended multiple times, the trust administration process can be much more complicated and expensive than it needs to be. By restating your trust, you will retain the same trust name so that none of your existing trust assets will need to be re-titled, but you will greatly simplify the administration process and save your estate and beneficiaries the frustration and expense of a convoluted administration. If this applies to you, contact  our firm for a free consultation.

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