Altering a Trust to Better Align with a Person’s Wishes

A trust may be created for any number of reasons. For instance, it may be made in an effort to keep property out of an estate, which can help to avoid probate. Trusts can also be made to allow a special needs child to retain assets and also continue to receive government benefits or to keep a child from spending an inheritance too soon. However, at some point, a person’s needs can change, and it may be necessary to change your trust with the help of a trust administration lawyer in Las Vegas.

Making Changes to a Revocable Trust

In many cases, the creator and the trustee of a revocable trust are the same person. Therefore, he or she can make changes without having to seek the approval of any outside party. However, changes may need to be notarized by an attorney or signed by a witness. It is also possible to revoke such a trust by declaring it no longer valid. This may be ideal for those who need to completely rewrite an existing trust or want to switch to an irrevocable variety.

Making Changes to an Irrevocable Trust

As the name suggests, an irrevocable trust is one that cannot be altered without the approval of the trustee and the beneficiaries. Generally speaking, assets are held outside of the control of the person who creates it. However, state law may allow an individual to engage in decanting.

Those who drink wine will be likely to recognize the word that describes the process of pouring wine from one bottle to another before serving. For estate planning purposes, decanting is the process of pouring assets from one trust into another. This can be done without the consent of beneficiaries, and it may be possible to transfer assets from one irrevocable trust to another.

Talking to an Attorney May Be Ideal

Prior to taking actions that will impact a trust, it is worthwhile to talk with a trust attorney. A trust attorney can help make it possible to determine how changes made to a trust can impact an overall estate plan both now and in the future.