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Home » Estate Planning » Should I Modify My Trust if I Buy or Sell Assets?

Should I Modify My Trust if I Buy or Sell Assets?

April 22, 2015Estate Planning

Buy or Sell AssetsAs long as your trust is revocable, it can be modified.  Whenever your financial status changes, it is important to review the terms of your trust and make any necessary modifications.  The flexibility of a revocable trust is what makes it such a valuable estate planning tool.  If you buy or sell assets, it is wise to review and modify your trust.

How to fund your trust with your assets

Assets such as stocks, bonds, real estate and other real property can often be funded into a trust simply by changing the owner’s name to the name of your trust.  There may be additional requirements depending on the policies or procedures of some financial institutions.  However, making modifications to your trust to add new assets, or remove others, requires a few more steps.

Amendments and Restatements

There are basically two ways to modify your revocable trust.  One way is by amendment and the other is with a restatement.  An amendment can be drafted to include whatever changes are needed, and then added to your original trust.  A restatement is another way to change the terms of your trust.  With a restatement, you make it clear that all of the original terms of the trust remain the same, with the exception of the specific new terms.

Revoking your trust and starting again

The final option, is to simply revoke the original trust and create an entirely new one.  In some cases, this may be the best option. For instance, if you expect that your revisions are going to be substantial, amending the trust may be too complicated or confusing.  Similarly, if you end up with several amendments, that can also be confusing.

Revoking the trust and creating a new one allows you to be sure that the terms remain accurate and clear.  The only downside to revoking the trust is that all of the property will have to be transferred to the trust again.  This method can be more expensive and a little time consuming.

What happens if I have a shared trust?

When spouses, for example, have a shared trust either one can revoke the trust.  If changes are made to the terms of the trust, such as an amendment or restatement, then both spouses must agree to all of the modifications in writing.  After the death of one spouse, the surviving spouse can amend the terms of the trust that relate specifically to his or her own personal property.  No changes can be made to terms that refer to the deceased spouse’s trust property.

If you have questions regarding trust modifications, or any other estate planning needs, please contact the Schomer Law Group either online or by calling us at (310) 337-7696.

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Scott Schomer, Estate Planning Attorney
Scott Schomer, Estate Planning Attorney
A graduate of Boston University School of Law, Scott P. Schomer is a frequent lecturer on estate planning and elder law issues, having discussed these important issues on local and national television. A seasoned courtroom advocate, Scott has obtained combined judgments and verdicts in excess of twenty-five million dollars for his clients. Scott has served as a member of the Los Angeles Superior Court Probate Volunteer Panel (PVP Attorney), Probate Settlement Panel and a Judge Pro Tempore. Scott's expertise has been recognized by his peers with such accolades as a life-time membership in the Multi-Million Dollar Advocates Forum, the Five Star Wealth Manager designation, and repeated nominations as California Super Lawyer.
Scott Schomer, Estate Planning Attorney
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