Some Florida residents who already have established trusts may have things take place that prompt them to wonder whether or not they can make changes to the trusts. In most cases, people are able to do so if they have established living trusts.
If grantors need to make simple changes to their trusts, they might be able to do so by completing trust amendment forms to include with their trust documents. If there are a large number of changes that need to be made, however, it can be confusing for administrators of the trusts when there are numerous amendment forms.
When major changes need to be made, some people believe that they must draft completely new trusts. However, doing so would mean that they would need to retitle all of the assets that are held in the trust into the new one. People might avoid this hassle by completing an amendment form together with a restatement of the trust. A restatement is essentially like creating a new trust, but it simply restates the old one to reflect the modifications. This can alleviate the need to retitle everything.
People who believe that they need to make changes to their revocable trusts may want to consult with their estate planning attorneys who can review the trust documents and the proposed changes in order to determine how best to complete the modifications. They may also advise their clients about the potential impacts of the desired changes. If the changes are simple, they may draft amendment forms. If the modifications are numerous or more complex, they may draft restatements of the trusts together with amendment forms so that they can best represent their clients’ interests and intentions.