Restatements to Existing Trust Plans
A restatement is actually an amendment to a trust. However, how it differs from a regular amendment is that it basically rewrites or amends the entire existing trust into a new document. What doesn’t change with a restatement is the original name and date of the trust, which means that you will not have to refund those assets already titled into the name of the trust when you prepare a restatement.
A restatement is very common when an existing trust is old, outdated, originated from a different state or there have already been 2-3 previous amendments made.
Once you have restated your trust, you can then prepare an amendment to that restated trust in the future to fix or change certain things that are needed at that time, (i.e. the First Amendment to the Smith Family Trust, Dated January 1, 2000, as Restated on January 2, 2010).
Please contact estate planning attorney, Kenneth Barney at (480) 833-1113 to schedule your appointment for more information about updating and or restating your existing revocable living trust, or use the form below to send an email.
