After you establish a living trust, you can amend its terms as many times as you choose, or even dissolve the trust entirely, if you are alive and have mental capacity.
The most common type of trust is the revocable trust, also called a living trust. The person that creates this trust is called the Grantor. The Grantor can amend the trust during his or her lifetime, as long as the Grantor has the mental capacity to make such changes. Kruse Law guides clients to create trusts in such a way that the trust typically does not need to be amended if the Grantor acquires new assets or disposes of existing assets. Kruse Law also guides clients to include contingency plans in the trust, so if trust beneficiaries die, the trust typically does not have to be amended, unless the Grantor desires to make an amendment for other reasons. Creating an amendment is a straightforward and uncomplicated process. Additionally, the name of the Trust will not change, thus there will not be a need to re-do any of the previously accomplished work of funding the trust.
These are some common reasons a person amends his or her trust:
- Adding or removing beneficiaries from the trust
- Changing the amount of money that beneficiaries receive from the trust or the timetable according to which they receive payments
- Changing the Successor Trustees listed in the Trust
- A beneficiary has become incapacitated
The Grantor can even revoke and dissolve a revocable trust if he or she elects to do so.
A St. Petersburg trusts lawyer can help you set up a living trust and can help you amend your living trust if you have already established one.
Contact Kruse Law About Living Trusts
A St. Petersburg estate planning lawyer can help you set up a living trust or amend your revocable trust to reflect your current situation. Contact Kruse Law in St. Petersburg, Florida to set up a consultation.