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Trusts can be altered to reflect changing circumstances

On Behalf of | Apr 6, 2018 | Estate Planning |

Trusts can serve a valuable purpose for people in Ohio who want to manage their estates in order to avoid probate and preserve the maximum value of their beneficiaries’ inheritances. However, over time, the intentions and desires of the creator of a trust can change. When this happens, individuals may be unsure if it is possible to make a change to their trust documents and how they can ensure that it is properly recorded.

The majority of trusts used for estate planning purposes are revocable and amendable, which means that they can be cancelled or changed at the will of their creator. Some trusts are exceptions, and people can work with their estate lawyers to handle questions that arise with other types of trusts. Just because the trust can be changed, however, does not mean that no specific process needs to be followed in order to do so. However, in order to ensure that a trust creator’s intent is preserved, he or she should execute a formal amendment to the trust in order to make an alteration. A trust amendment can be attached to the additional trust, which will contain an affirmation of the power to amend the trust, explain the changes that are being made and conclude by declaring the validity of the remaining trust provisions.

People who are considering how to handle their assets to provide the maximum benefit to their beneficiaries and ensure that their wishes are implemented can speak with an estate planning attorney. A lawyer can help people draw up estate plans that include documents like wills, trusts and powers of attorney to employ a comprehensive approach to providing for their heirs after passing away.