Trusts for Children, Part 7 – What If I Want to Change My Trust?

Grandparents looking at paper with grandchildren

The First Step

Congratulations on taking the big step to ensure that the young ones in your life are cared for into the future, considering creating a trust for children.  We are sure that this will give you peace of mind and security.  Keep reading to learn more about how you can change your trust later through trust amendments.

What if I Want to Change the Terms of My Trust Later?

Amending your trust is common, and not a problem.  Common changes include:

  • Percentages of your estate that are left to certain people,
  • Who is nominated as the fiduciaries,
  • What age should the trust distribute to your children, or
  • Add in grandchildren.

We would rather draft a trust to be more protective at the beginning, particularly if there are young children.  Later, as the children grow and you have a better idea of their capacity and personalities, you can change your trust accordingly.

What if One Settlor (Person Who Created the Trust) Has Died?

Your trust itself should govern the terms of if and how it can be amended after one person has died.  Every trust is unique.  You will need to have an attorney review the trust to give you the most accurate information.

Even if a trust has become irrevocable after the death of one Settlor, we can often still make some changes.

If you want to make any of these changes, or others, then just contact us.  We are happy to help you with a trust amendment to ensure that your trust says what you want.

Learn More About This Topic

There are far more details and possibilities of what a trust can do for you and your family.  Are you ready to get your trust for children written?  Contact us today to schedule a consultation with an attorney for confidence in your future.

There is far more to learn about trusts for children.  See the following continued series for more information:

Part 1: How Does a Trust Work?

Part 2: Distributing Trust Money

Part 3: Whom Should I Choose as Trustee?

Part 4: Leaving Instructions for the Trustee

Part 5: How Long to Leave the Funds in Trust

Part 6: What if a Child is Disabled or Addicted?

 

Want to learn more?  Check out these other resources.

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