Time to Amend Your Trust?

I have enjoyed thousands of client relationships over the last 30 plus years of being a lawyer. Many current clients are the children and grandchildren of former clients. When preparing estate plans and legal documents, I am frequently asked: what happens if I want to make changes later?
It is common to have changes in life, changes in relationships, and changes in your designated beneficiaries and decision makers. If you are considering amending your estate plan, I suggest the following:
1. Talk with a qualified attorney. For every change you make, there will be a change in the “contingent plan”, which you probably did not consider. This means, if you add Cousin John as a new beneficiary, your decisions don’t stop there. You must consider what would happen if Cousin John is deceased – what is the contingent plan?
2. Are there changes to all your legal documents? Power of Attorney? Advance Healthcare Directive? Trust? And others?
3. Don’t write on your existing legal documents. There is a formal procedure for making changes. This includes clear identification of amended portions, notarization, and other formalities, depending on the document.
4. Understand the significance of the desired changes. Sometimes changes, which you may think are “simple”, have unintended tax and legal consequences. You should understand the “entire picture” before making changes.
It is well worth consulting a qualified lawyer when amending your estate plan. After all, your legal documents are supposed to make things simpler for your heirs and family if you die or become incapacitated. Many well-intentioned people make improper “do-it-yourself” changes, without guidance and advice. This can often lead to court intervention, and other serious issues. a
For more information, please contact the McNamara Law Firm at (661) 287-3260, or visit www.theMcNamaraLawFirm.com.