Updating irrevocable trust dated 2001

Terry Says

You need an estate planning attorney to update a Revocable Living Trust. But it shouldn’t be nearly as expensive as the original was! You just create an Amendment to the trust. What might have changed?
Perhaps you want to make provisions for a grandchild or two. Perhaps you want to designate certain items (not those with titles) to a child who is now old enough to receive and appreciate them (grandma’s china, or your antique something collection). Perhaps you’ve acquired a dog or cat, since you last made your trust, and you want to designate a caregiver if you predecease the animal.

Or maybe your adult child is grown now, and it might be wise to add him/her as a successor trustee, especially if your spouse is aging along with you.

If your state of residence has changed, that would require a significant update, done by an attorney in your new state of residence.

So the idea is to sit down and read your existing RLT, and make notes about what you would change — and then visit an attorney with that list.

While you’re at it, you might want to update your healthcare power of attorney and your living will. Again, since the basics have been done already, this should not be an expensive process — once you decide what you want to change.