Q: Are you restricted from changing a revocable family trust for any reason?

A: If the trust is truly revocable then the person who set up the trust (called a Settlor or Trustor) can change the trust however that person wants. Beneficiaries and others who don't like what the Settlor does with his/her/their own money and other assets cannot do a thing. So, the person who controls the assets gets to decide what to do with the assets. If you set up the trust and control all the assets in the trust, then you can do whatever you want with your money and change your revocable trust however you want. Unless you have been diagnosed with a critical illness and will pass shortly, it's not likely anyone will think you are trying to hide assets because the beneficiary will not be entitled to have any of your assets until you pass away. But, if your parents set up the trust and control who gets which assets, then the law does not give you any right to change what your parents want to do -- even if it means you would get less money in the end. Bottom line, the answer to your question could go a number of ways. A lawyer would need to read your particular trust to know who is allowed to change what. Without reading your trust, we would be guessing what it authorizes people to do. I hope that helped a bit. Best wishes!

A: The beneficiary has no rights or expectation of assets from a Living Trust because the gift is just a plan to give, maybe. Change the Trust all you like. You might even want to change the gift to this person to an irrevocable trust that can be proof against his creditors.