There are two ways to go about it. You can either amend the existing trust to change a certain part of it or rewrite the whole trust, which is known as a restatement.
While you might expect that an amendment is easier and more cost-effective, that’s not always the case.
Remember that your trust should provide instructions to your heirs about your wishes, so it has to be clear and comprehensive.
If you’re making one or two simple changes, then amending is often sufficient. That’s especially true if the changes don’t interrelate.
However, if you’ve made a lot of changes over time, it might be time for a restatement to ensure that the trust clearly states your wishes and is set up to be administered properly.
In addition, a restatement can also reduce how much paperwork you need to give to third parties like banks and avoid beneficiaries learning about prior terms of the trust.
If you would like to discuss setting up or making changes to your current Estate Plan, please contact an experienced attorney at Simmons & Schiavo, LLP. Please call (781) 397-1700 or visit our contact us webpage.