Q: What are the changes that has to happen for me to create a completely new trust vs restatement of my existing trust? thx
I have a trust that is written some time ago by an attorney who is no longer alive.
Much have happened since, and the question is, at what point is a new trust for someone with an existing trust ("Restatement of Trust”?) is created rather than just a trust by the same name but with an updated date of trust?
What would be your definition for that, what and how much would have to change in my life to make that distinction?
I try to decide which direction to go.
Thank you!
A:
This really depends on the nature of the trust and what property is in it. In general, if the trust has property in it restating the trust is best so that you update details in it.
And if the trust is a living trust and the grantor (if you made the trust and you are the trustee), it is easier to change the terms of the trust to fit your present needs.
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