If you have a revocable living trust, you may find you need to make amendments. A revocable living trusts allows you to to handle you property as a trustee, and make changes when needed. For example. a birth or death of a beneficiary, selling or buying assets could be a good reason to amend the trust. It isn't hard to amend the trust by following these tips.
Find the Original Trust
Locate the original trust. Scan the trust for the portion that gives you the right to amend as you will need to include this provision. A trust is commonly divided into sections that have roman numerals.
Do not make changes on the trust document itself, or you may invalidate it. While trusts aren't' filed with courts, you still want a useful format to follow. You may also print an online amendment form for a revocable living trust.
Draft the Amendment
Make a rough draft of the changes you want to make in your word processor. Choose a standard font such as Arial or Times Roman Numeral.
Name the document opened in a word processor "Amendment" , then type your name at the top. Next, write the name of the trust , state, and date you made the original trust. Wording may be written something similar to "April 22, 2017, an amendment to Smith Family Trust created May 10th, 2002 in Texas".
Under this, include something similar to "I, (insert name), reserve the right to amend given in Section (insert number of the provision)." Write the modification referring to specific items and sections in the trust, and include quotes from the original trust as needed. For example," I am making the following changes to Section III", followed by "John Doe is added to the first sentence in Section III, paragraph 3".
If you need to delete a paragraph, refer to the paragraph number. To add a paragraph, write the specific paragraph location followed by the changes. You may say, "Paragraph II under Section 8 is amended as follows: ". At the end, include a statement saying all other provisions are still active.
Sign in Front of a Notary Public
Make a signature block, and have the settler named in the trust to go with you to a notary public and sign it. Each party should take a photo ID with them.
Sign "trustee" after your name, if you are the trustee, as only trustees can amend. Not all states require a notary public, but it could prevent issues in the future. It ensures you weren't just considering an amendment.
Attach the amended form to the original, and file it in a safe place. If you have questions, or need help setting up a trust, contact wealth management services.