TRUST MODIFICATIONS AND AMENDMENTS

Trust Modifications and Amendments: Keeping Your Estate Plan Up-to-Date

Over time, life changes—such as marriage, the birth of a child, a significant financial event, or a change in your wishes—may require you to update your estate plan. Trust Modifications and Amendments allow you to revise the terms of your trust to reflect these changes and ensure your estate plan remains aligned with your current goals and circumstances. At Warshofsky Law, we help clients navigate the process of modifying or amending their trusts, ensuring their wishes are accurately reflected and legally enforceable.

Whether you have a revocable or irrevocable trust, trust modifications allow you to make changes without the need to create an entirely new document. For revocable trusts, changes are straightforward, as they can be amended or revoked entirely at any time by the trust creator. Irrevocable trusts, though more difficult to change, can still be modified under certain conditions with the right legal guidance.

Why Consider Trust Modifications and Amendments?

• Life Changes: Marriage, divorce, the birth or adoption of a child, or the death of a beneficiary may require updates to your trust.
• Asset Changes: Acquiring or selling significant assets or real estate may require adjustments to how those assets are distributed in your trust.
• Tax Law Changes: New tax laws may impact the structure of your trust, requiring updates to maximize tax benefits and asset protection.
• Change in Wishes: Over time, you may wish to change who will inherit your assets or modify other key provisions in your trust to better suit your evolving goals.

Types of Trust Modifications

• Trust Amendments: For minor changes, such as adding or removing a beneficiary or altering asset distribution, a trust amendment can be used. This is an add-on document that becomes part of the original trust, modifying its terms while keeping the overall structure intact.
• Trust Restatements: If your trust requires significant changes, a restatement might be necessary. A restatement completely replaces the original trust while maintaining the trust’s original date of creation, avoiding the need to retitle assets already held by the trust.
• Trust Modifications: If an irrevocable trust requires changes, we can attempt to modify its terms. This can sometimes be done through agreement of the interest parties but will sometimes require court approval.

How Warshofsky Law Can Help At Warshofsky Law, we understand that circumstances change, and we’re here to ensure that your trust remains a reflection of your current wishes. We work closely with you to determine whether a simple amendment or a full trust restatement is the best course of action, and we ensure that all legal requirements are met to make the changes enforceable.

Keep Your Estate Plan Current An outdated trust can create confusion or fail to reflect your current desires. To ensure your trust remains aligned with your life and goals, contact the offices of Jason Warshofsky at 305-446-1244 or email Jason at Jason@WarshofskyLaw.com for a consultation about modifying or amending your trust.