Florida Trust Amendment vs. Trust Revocation-What’s the Difference?
Most people create (as they should!) more than one will during our lifetimes: circumstances change, and ourestate planning West Palm Beach needs to change, too.
Like a will, a living trust can be altered whenever you wish. One of the most attractive features of a revocable living trust Florida is its flexibility:
You can change its terms, or end it altogether, at any time. If you created a shared trust with your spouse, either of you can revoke it.
If, however, you want to change any trust provisions–for example, change a beneficiary ortrustee–both of you must agree in writing.
Here are some examples of when you might consider amending, or revoking, a trust:
You may need to amend your Florida Trust if…
- You get married.
- You have a child.
- You add valuable property to the trust.
- You change your mind about whom you want to inherit certain items of trust property Palm Beach Gardens or whom you want to serve as successor trustee.
- You move to a state with different laws about marital property or property management for young beneficiaries.
- Your spouse dies.
- A major beneficiary dies.
You may need to revoke your Florida Trust if…
- You want to make extensive, possibly confusing revisions.
- You get divorced.
See http://www.pankauskilawfirm.com/ for videos and information on Trusts, Trust Planning, and Trust Administration.