Can I change the terms of my trust? – Carpenter & Lewis PLLC

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Transcript:

00:00:03 The short answer is it depends on the type of trust. If you created a revocable living trust, then yes, you can change it at any time as long as you are alive and mentally competent. You can amend it to update beneficiaries, change your trustee, or even revoke the entire document. On the other hand, if the trust is irrevocable, changes usually cannot be made, at least not without court approval or the agreement of all beneficiaries. Irrevocable trusts are often used for asset protection, tax planning, or Medicaid tinare planning.

00:00:39 So, those rigid rules are one of the benefits of that type of trust. If you’re not sure what type of trust you have or if you’re thinking of making changes, it’s a good idea to talk to an attorney. You don’t want to accidentally create legal problems or lose the protections your trust was designed to give. So here’s the bottom line. A replicable trust, you’re in control. An irrevocable trust, much harder to change. But there is a process called decanting that might be available.