Georgia residents who need to make changes to a trust must do so in a proper manner. First, it is important to determine that the trust can be amended. If the estate holder does have an amendable living revocable trust, alterations should be made with an amendment to trust document. This will simply say that the trust can be changed and that any sections that haven’t been amended remain in full effect.
A complete restatement of a trust is an amendment that makes it easier to change the document at a later date. It can also be easier for a trustee to follow along with a complete restatement as opposed to a multitude of amendments. The benefit of a complete restatement as opposed to a new trust is that there is no need to change the title of an asset to the new trust.
When the complete restatement has been finalized, it simply needs to be signed before it goes into effect. Those who are unsure about whether to use an amendment or a complete restatement can talk to an attorney before making any changes. Regardless of how changes are made, simply altering the trust’s language and initialing could result in the new text being deemed invalid.
For some, trusts can be part of an effective and thorough estate plan. However, it is important that any changes be made properly as to potentially reduce the chances of a legal challenge. It may also be a good idea to review the trust with an attorney to determine if it can be changed at all. Even if a trust doesn’t need to be altered, it should be reviewed regularly.