Can I make changes to my living trust?

Estate planning worksheet for living trustEstate planning comes with a lot of questions; after all, estate planning is an important and beneficial action for the sake of the estate owner and their family and friends. Drafting legal documents, deciding what legal documents are right for the situation, modifying the estate planning documents…estate planning is a continual process that fluctuates as your life changes.

When those changes occur, the question “can I make changes to my estate planning documents?” is the typical response. Since a will is the most common estate planning document, it is common knowledge that the document can be altered. A revocable living trust is a less commonly used document and comes with its own set of questions—especially when modifications are needed.

What is a revocable living trust?

A revocable living trust is a legal document that outlines your assets and distribution. In a living trust, all assets are placed in a living trust and a trustee is appointed to manage the assets. Typically, the trustee is the estate owner during their lifetime and is transferred to another party or parties when necessary. Any adult or corporation can be named trustee in a revocable living trust.

Unlike a will, a revocable living trust is a private document. The biggest benefit of a revocable living trust is that all assets named in the trust do not have to go through probate, which can take longer for distribution and incur more costs.

Should I have a will even if I have a revocable living trust?

A will should be drafted even in situations where a living trust is in place. A will can detail instructions for any assets not covered under the revocable living trust and appoint a guardian for minors. Detailing instructions for support of those minors can be included in the revocable living trust.

Can I make changes to a revocable living trust?

A revocable living trust can be modified or revoked after drafting. Contact a lawyer for information on how to do so, and what is needed for the change. Typically, changes cannot be made when the estate owner passes away.

The materials on this website are provided for informational purposes only and do not constitute legal advice. These materials are intended, but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as an indication of future results. Transmission of the information is not intended to create, and the receipt does not constitute, an attorney-client relationship between sender and receiver. You should not act or rely on any information contained in this website without first seeking the advice of an attorney.

Documents You Want Drafted by an Attorney

Estate planning worksheet for writing a willThis is the information age. Resources are available at our fingertips, including legal documents. Type in the name of any legal document and—presto!—a million templates fill the screen for you to download. As tempting as using those legal document templates might be, there are times when contacting an attorney and utilizing their services can benefit and protect your interests.

Power of Attorney for Finance and Property

A Power of Attorney authorizes another party (or parties) to make decision on behalf of another person (related or non-related). When a person cannot make legal and financial decisions, the Power of Attorney for Finance and Property designates another person for those decisions. This document is not a one-size-fits-all, but rather can be customized as broad or as narrowly as the person wishes. Because the document is customized to the individual’s situation, contact a lawyer to ensure that the appropriate assets and wishes are included and details drafted pursuant to exact wishes.

Rental agreement

A rental agreement should be updated and specific to state and local regulations, protects the rights of the landlord and the tenant, doesn’t include prohibited terms, and doesn’t place any additional and unnecessary obligations on the landlord’s shoulders. Online rental agreements are generically drafted and can include terms that may not be legal in all areas or are in line with local legal regulations.

Offer to Purchase

Purchasing a property can be one of the largest investments in an individual’s life; when it’s between family members, the purchase can be an even more complicated transaction. A verbal agreement can also cause later drama between the parties. Contact a real estate lawyer can ensure that all the paperwork is in order so there are no legal problems in the future—all without the cost of an agent commission.

Estate Planning

Every estate planning document should be drafted to the individual’s situation and in line with state regulations. No online document or template is going to fit both of those criteria. Contact a lawyer for professionally drafted documents customized to the specific situation and legally binding when needed. Utilize this list to expedite the estate planning process and obtain the estate planning documents appropriate for your situation.

The materials on this website are provided for informational purposes only and do not constitute legal advice. These materials are intended, but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as an indication of future results. Transmission of the information is not intended to create, and the receipt does not constitute, an attorney-client relationship between sender and receiver. You should not act or rely on any information contained in this website without first seeking the advice of an attorney.