When to Use an Amendment
Amendments work best for minor, targeted changes:
- Changing a successor trustee
- Adding or removing a beneficiary
- Adjusting distribution percentages
- Updating personal information after a move or name change
Amendment vs. Restatement
If you need several changes, or if your trust has been amended many times, a trust restatement may be better. A restatement replaces the entire trust document with a new version. It keeps the original trust's identity and funding intact. This avoids the confusion of reading an original trust plus multiple stacked amendments.
Keeping Your Trust Current
Life changes. Your trust should keep up. A marriage, divorce, birth, death, or major change in assets may call for an update. At RJP, we recommend reviewing your trust every three to five years. Both amendments and restatements are included as part of ongoing client support. That is the peace of mind you are after.