Q: We have existing will and trust. Can we modify current successor trustee with an addendum we create and notarize?
A:
A will may be modfied with a codicil. Most attorney advise against the use of a codicil for various reasons. As it requires the same formalities as a will, the testator is often better off by simply writing a new will.
A trust may be modified in accordance with its terms, or, in certain instances, by court order.
Anyone interested in the modification of a will or trust should first consult with an experienced Virginia estate planning attorneys.
A: I agree with Mr. Wilson, and I would add that the expense saved by turning this into a DIY job may be dwarfed by the expense of fixing it later. For example, the Will and the Trust should not be modified in the same document. The Will is a transitory documents, but the Trust is active upon signature or upon its terms. Creating a non-transitory Will makes a curious hybrid that seems to be much like the never-seen contractual Will. Interpreting the parties' intent later may require court intervention, and that is expensive. But, a trust can be modified in accordance with its terms, and, theoretically, a Will can be modified by caveat, as long as the caveat meets all of the procedural qualifications of a Will, so mere notarization won't do it. It is easier and cheaper to re-execute a corrected will and, at the same time, prepare an amendment for the trust.
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