Oceanside Trust Modification Attorney
When deciding to modify or amend a living trust, choosing a credible Oceanside trust modification attorney is crucial. At Century Trusts & Estate Planning, PC, we can help you address and resolve trust and estate-related issues.
An estate plan is not a one-and-done matter. It requires regular updates with changes in your circumstances. If you already have a living trust, you want the peace of mind that it is updated and reflects your current wishes. Contact our law office now and schedule an initial consultation with a trusted California estate planning attorney to learn more about the process of modifying trusts.
Why Do I Need a California Trust Modification Attorney?
Changes happen all the time. Some of these major life changes may make it necessary to modify or amend a living trust. There are ways to effectively amend or modify a trust document, some of which may involve a private agreement between the trustees and beneficiaries, while others may require probate court involvement.
At Century Trusts & Estate Planning, PC, we have extensive experience in helping clients in the San Diego area navigate through complex legal matters for more than a decade. Our estate planning law firm can help you with the following:
- Draft wills, set up trusts, modify trusts, develop estate plans, and deal with probate litigation and other estate administration matters.
- Understand that each client has unique needs and desires when it comes to planning for the future of their estate
- Assist a trustee with the proper procedure for modifying the trust, including whether the modification would require approval or whether the modification can be done by a non-judicial settlement with the consent of the qualified beneficiaries.
- Take the time to listen to your needs and provide responsive guidance to ensure your desired outcomes are legally secured.
An estate plan requires regular updates with changes in your circumstances. We’ll be there to help you adjust your plan to account for new details in your life. Call us now and schedule an initial consultation with our skilled Oceanside trust modification attorney, who can assist you with such a trust modification or reformation.
What is a Trust?
A trust is a fiduciary relationship in which a trustor gives another party, known as the trustee, the right to hold title to property or assets on behalf of the beneficiaries. Unlike property left through a will, property left through a trust doesn’t need to go through the probate process before it can be transferred to the people who inherit it.
One way to plan and safeguard your family’s future is to create a living trust. It is a type of trust that is set up while the grantor is alive. This estate planning tool is one of the common ways of confirming your estate is managed according to your wishes. A knowledgeable trust attorney in Oceanside can help you understand the benefits of establishing a living trust as part of your estate plan.
Can a Living Trust Be Modified?
Your living trust is your plan for the future. Sometimes, no matter how well you plan, some unexpected circumstances happen in your life, and you may wonder how to make changes to a living trust.
Before you can begin changing a living trust, you need to understand the type of trust you have. A living trust can be revocable or irrevocable, which describes whether the trust can be changed. The laws related to trust modification are complex, and one of the best things you can do is discuss your case with a competent Oceanside trust modification attorney.
Modifying a Revocable Trust
Revocable trusts are the most common and generally preferred type of trust, primarily due to their flexibility. A revocable trust can be modified or canceled by the trustor during their lifetime. If you need to make minor changes to the terms of your living trust, adding an amendment or restating the trust is usually recommended.
Modifying an Irrevocable Trust
If you have an irrevocable trust, it is extremely difficult to make changes to it because the trust was set up to be permanent and not alterable. However, if the trust beneficiary agrees to modify the terms of the trust or if you will be able to show that the changes are in the best interest of all the beneficiaries, you may be able to do so. Only a judge can make changes to an irrevocable trust after it has been finalized.
When Should You Modify a Living Trust in California?
There are several reasons why you may want or need to change your estate plan. Depending on the circumstances, you may modify a trust either through an amendment or a restatement. Suppose you need to modify an irrevocable trust that has already been created. In that case, it is imperative to seek legal advice from our top-ranking Oceanside CA trust modification lawyer as soon as possible to discuss your case.
Amendment
If you want to make minor modifications to your trust, an amendment might be the right option for you. A trust amendment is a legal document changing one or more aspects of a revocable living trust without revoking the entire structure. Changing your successor trustee and changing your trust distribution are some of the common changes you can make in an amendment. The goal of a living trust amendment is to help you make changes to beneficiaries and trustees or modify any conditions to the trust. You may need to amend your trust if:
- A major beneficiary dies
- You add or remove a valuable property to the trust
- You get married
- You have a child
- Your spouse dies
- You change your mind about whom you want to inherit certain items of trust property or whom you want to serve as successor trustee
- You move to another place with a different state law about marital property or property management for young beneficiaries
Restatement
Trust restatement is the process of rewriting the structure of a trust to make more extensive and significant changes to its provisions. The process of restatement completely replaces the previous structure of the trust and must follow the same formalities of the original process. By keeping the same trust name, you save yourself the money and time of needing to transfer all of your assets into a different trust.
Call Our Seasoned Oceanside Trust Modification Attorney Now!
Sometimes, it can be hard to keep up with the changes that are happening in our lives. Luckily, updates are easy to make when it comes to estate planning, especially if you have a revocable living trust. It’s likely time to make some changes if you’re getting married, welcoming a new family member, or going through a divorce.
As long as you are legally competent, you can modify your trust. However, you need to avoid trying to make any changes on your own because doing so may inadvertently invalidate your estate plan. If you feel that the circumstances surrounding a trust have changed and wish to pursue a modification, it is a good idea to consult a qualified Oceanside trust modification lawyer at Century Trusts & Estate Planning, PC, to manage the process and ready the estate planning documents.
Our estate planning law firm will closely work with you to discuss your needs and the next best steps. We will carefully review your case and advise you of all their legal options. Schedule an initial consultation with our skilled California estate planning lawyers now to find out how to change or amend your living trust to benefit your loved ones.
