Q. Can a living trust be amended?
A. Yes, it is common to amend a trust from time to time as circumstances change. Some reasons for trust amendments are as follows:
- Changes in the number of family members, either by birth, death, divorce or marriage.
- Changes in relationship within the family group.
- Changes in financial or economic conditions.
- Change of circumstances or need of a beneficiary due to issues such as disability, handicap, or special education needs that occurred since the creation of the trust.
- New interests in charitable or educational institutions.
In a trust, the provisions that are most commonly amended are as follows:
- The preference or order of trustees.
- The distribution of the assets of the trust estate.
- Additional provisions for grandchildren’s education or other special needs.
- The preference of contingent beneficiaries upon the death of any of the primary beneficiaries.
- Change of any restrictive powers that may be listed in the trust.