Change is inevitable. In terms of your estate planning, change is often unavoidable. Over time a number of things can happen: your assets may increase; you have more children; you divorced and want to change your Trustees or the guardians for your children. When changes occur to your estate planning, you may need either an Amendment, Restatement, and/or Codicil.
As creator of your Trust and Will, you have the right to make changes to your Trust and Will during your life.
If you would like to make minor changes to your Trust, an Amendment will most likely fit your needs. An Amendment will allow you to make changes to specific sections of your original Trust without creating a new Trust. With an Amendment, the original Trust exists in addition to the Amendment.
What if you have major changes to your Trust? In this case, a Restatement of your Trust will be a better fit. A Restatement restates your entire original Trust AND incorporates the new changes you would like to make. A Restatement will serve as your new Trust.
For changes to your Will, you have the option of creating a brand new Will to replace your original Will or a Codicil to add to your original Will. For minor and specific changes to your Will, a Codicil will be the best option.
When change occurs in your life, don’t forget to update your estate planning. At Chauvel & Glatt, we will assist you in determining which method best suits your needs based on your circumstances to ensure your Trust and Will is properly updated. To learn how our attorneys can help you and your beneficiaries, contact us today.