Yes, you can make changes to your will or trust after it has been created, but the process for doing so depends on the type of document and the specific changes you want to make.
1. Making Changes to a Will:
A. Codicil:
- What It Is: A codicil is a legal document that amends, adds to, or revokes specific provisions of your existing will. It must be executed with the same formalities as the original will, including signing and witnessing.
- When to Use It: A codicil is appropriate for minor changes, such as changing a beneficiary, updating the executor, or modifying specific bequests.
- Considerations: If you have multiple or significant changes, it might be clearer and less confusing to create a new will rather than adding multiple codicils.
B. Creating a New Will:
- What It Is: You can revoke your old will and create a new one that reflects your current wishes. The new will should clearly state that it revokes all prior wills.
- When to Use It: This is advisable when you want to make substantial changes to your estate plan, such as altering major distributions, changing guardians for minor children, or adjusting the overall structure of your will.
- Considerations: Be sure to destroy all copies of the old will to avoid any confusion or potential legal challenges.
2. Making Changes to a Revocable Living Trust:
A. Amendment:
- What It Is: An amendment is a legal document that modifies specific provisions of your revocable living trust. It allows you to change terms, beneficiaries, trustees, or how assets are managed and distributed.
- When to Use It: Use an amendment for minor or moderate changes to your trust, such as adding a new asset, changing trustees, or adjusting beneficiary shares.
- Considerations: Like a codicil for a will, an amendment should be clear and precise to avoid confusion.
B. Restatement:
- What It Is: A restatement of the trust is a complete rewrite of the trust document that incorporates all changes, while keeping the original trust intact. The restated trust retains the original creation date, which can be beneficial for legal and tax purposes.
- When to Use It: A restatement is ideal when you want to make significant or numerous changes to the trust. It provides a fresh, organized document that reflects your current wishes.
- Considerations: Restating the trust avoids the need to transfer assets again, as the trust’s original name and date remain unchanged.
C. Revoking the Trust:
- What It Is: Since a revocable living trust is, as the name suggests, revocable, you can completely revoke or dissolve it if your estate planning needs change significantly. You can then create a new trust if desired.
- When to Use It: Revocation is an option if you no longer want to use the trust as part of your estate plan or if you want to start fresh with a new trust.
- Considerations: Revoking a trust requires careful attention to retitling assets that were in the trust.
3. Making Changes to an Irrevocable Trust:
- More Complex: Irrevocable trusts are generally much harder to change because they are designed to be permanent. However, there are some circumstances where changes might be possible:
- Trust Terms: The trust itself may include provisions that allow for modifications under certain conditions.
- Court Approval: You may be able to petition a court for changes, particularly if circumstances have changed significantly since the trust was created.
- Agreement of Beneficiaries: In some cases, if all beneficiaries agree, it might be possible to amend an irrevocable trust.
- Decanting: In some jurisdictions, you can “decant” an irrevocable trust, which means transferring the assets into a new trust with different terms.
Summary:
You can make changes to a will or a revocable living trust after they are created. For wills, you can use a codicil for minor changes or create a new will for significant changes. For revocable living trusts, you can amend the trust for small changes, restate it for major revisions, or revoke it entirely if needed. Irrevocable trusts are more difficult to change, but options may be available depending on the trust’s terms, state laws, and agreement among beneficiaries. Always consult with an estate planning attorney when making changes to ensure they are legally valid and properly executed.