A living trust is one form of estate planning protecting your assets and giving you control of who will receive various assets after you die. Once you have completed a living trust, you may have reason to change the beneficiaries, either due to divorce, death or a change of mind. It is important to keep your living trust updated as your priorities change.
Contact your attorney and anyone else who may have been a signatory on the original trust.
Create an amendment to the trust with your attorney. The amendment should contain specific instructions about the section of the trust for which you are changing beneficiaries. Your instructions should be clear and easy to understand to avoid any future challenges to your instructions.
Sign the amendment. Be sure to ask all signatories of the original trust to sign the amendment as well.
Append a copy of the amendment to every copy of the original living trust. Be sure to have one copy of the changed and amended trust notarized and sealed in an envelope.
- Financial Web: Amending A Living Trust
- "The American Bar Association Guide to Wills & Estates"; 2004
- signing a contract image by William Berry from Fotolia.com