How Do I Change a Trust That I Have Already Set Up?
- 1). Check that your trust is revocable under state law. In some states living trusts are automatically irrevocable unless you stated otherwise in the trust documents. That doesn't mean they can't be changed, but it will be more difficult: In California, for example, changes to irrevocable trusts can require the consent of all the beneficiaries. If your trust is revocable, changing it is much simpler.
- 2). Ask for your co-settlor's consent if the trust is a shared one. It's common for spouses or partners to create a shared trust and place both their assets inside it, but changes then require the consent of both settlors. If your co-settlor dies, his share of the trust will split into a separate trust and you'll no longer be able to change it.
- 3). Draft an attachment stating the changes you want. You can do this without a lawyer, but you should go over the document very carefully to make absolutely certain that your wishes are clear and that the attachment can't be misinterpreted. Check your state's trust laws to make sure the changes are legal: Many states won't allow settlors to impose unreasonable conditions on a beneficiary, such as staying single for life.
- 4). Sign the attachment and have the signature notarized. If it's a shared trust, your co-settlor must sign it too. Then put the amendment with the original document so that there's no risk of your successor trustee -- the individual who handles the trust after your death -- being unaware of the change.
Source...