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What is the key Difference between a Revocable Living Trust Amendment vs. a Trust Restatement?

Are you wondering about the difference between a trust amendment and a restatement? When it comes to the trust amendment, it is a legal document that is used to change specific provisions without changing all other provisions whereas a restatement of trust (an amendment) is used to replace all the provisions of the original revocable living trust. The revocable living trust is usually made between two persons – trust maker and trustee – for managing the property transformation into the trust by the trust maker for the benefit of the beneficiaries of the trust.

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It is a revocable procedure that can be modified or completely revoked by using a trust restatement process. In the case of an irrevocable living trust, you can’t modify or change it. A living trust (inter vivos trust) goes into the effect while the trust maker is alive whereas a testamentary doesn’t become active until the trust maker has died.

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You don’t have to follow any rules or regulation while considering the restatement but if you want to make any change like adding or deleting a specific bequest, changing the successor trustee or updating the beneficiary name due to second marriage or divorce then a trust amendment would be the best for you. If any trust maker wants to make a change like adding a new spouse or removing a specific name from the beneficiary or changing a family member name you must consider Restatements.

 

If the situation is like that in which you have made more than three amendments and you still want to add one more name then you have to consider consolidating for making all the changes in a restatement. While making any change you should consult an Estate Planning Attorney who can prepare the trust amendment for you that would be legally valid and binding on all of your beneficiaries.

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