Will I Have to Amend My Trust Every Time I Acquire a New Asset?Share this post
You do not have to amend your trust every time that you acquire a new asset. The trust instructions control the eventual disposition of the assets, but those instructions don’t change each time an asset is included. Instead, acquiring new assets is part of the ongoing funding process, and you will want to take title to the asset in your trust’s name.
If a Change Occurs That is So Big That I Need to Create a New Trust, Will I Have to Fund My Assets into My Trust All Over Again?
No. Your attorney can “restate” your trust. A restatement acknowledges the creation of your trust on the date you originally created it, and states that you wish to restate that trust in its entirety. The restated contents of the trust will take the place of the contents of your old trust, but the trust name doesn’t change. It’s still the “John Doe Living Trust, created June 1, 2015” or whatever it was originally called. Think of it as the same book cover, but with changes in the text within.