When you conduct your Oklahoma estate planning and form a revocable living trust, something happens and you need to update your trust. You have an Oklahoma revocable living trust, so you can amend it at any time while you are still alive.
There are two basic ways to modify your Oklahoma revocable living trust arrangement to address life’s changing circumstances:
Amendment– An amendment is a change to one or more of the Trust Agreement’s clauses while leaving the rest of the Trust Agreement unaltered. An example of an amendment is changing the people you have nominated to be trustees of the Trust after you are no longer able to do so.
Restatement– Restatement entails drafting a totally new Trust Agreement to replace the previous Trust Agreement. Through a Restatement, the Trust Agreement’s name but the founding date remain unchanged.
When Should I Make Changes to My Will or Trust?
Some attorneys may try to persuade you that your Will or Trust must be updated anytime you undergo a big life change. Considering purchasing a new home? Change your mind. Do you have a grandchild? Change your Will. Have you quit watching Friends? Change, change, change. However, there is no specific occasion or event that requires you to update or change your documentation. Rather, you should examine their estate plan on a frequent basis and consider how life changes, if any, affect your preferences as indicated in those agreements.
Is there a new child or grandchild in the photo that you’d like to support? If this is the case, you may choose to change your Will or Trust to make a specific distribution to him or her.
Do you have much more assets than you did previously? If this is the case, you may choose to change your will or trust to donate money to charity or to reduce estate taxes. Is it possible that one of your beneficiaries has recently made terrible financial decisions? If this is the case, you may choose to adjust how their share of your estate is distributed to them or place requirements on them before inheriting your assets. If there are any significant changes to applicable laws, especially tax rules, it may be prudent to modify your Will or Trust.
There are numerous reasons to update a Will or Trust, and a knowledgeable OK estate planning attorney can assist you in determining whether an amendment is appropriate in your situation.
Today Is the Day to Update Your Estate Planning Documentation
It is critical to have a sound estate plan in place and to keep that plan up to date. We all change as time passes. Our family, our money, and our goals and desires all change. As a result, you should examine your estate plan on a frequent basis to see if any of these changes should be incorporated in your estate planning paperwork.
Contact the experienced Oklahoma City Estate Planning Attorneys for a free, no-obligation consultation appointment to discuss your options for modifying a Will or Trust, or to construct those papers in the first place.
