Can I Change My Mind? How to Amend or Revoke a Living Trust in NY & NJ
- Legal Assistant
- 2 hours ago
- 2 min read
Flexibility is Key: Amending or Revoking Your Trust in NY & NJ
The greatest advantage of a Revocable Living Trust is right in its name: it is revocable. Many clients worry that setting up a trust means losing control, but in reality, you remain the "Commander-in-Chief" of your assets.
1. Who Has the Power to Change the Trust?
In a Revocable Trust, the power lies with the Grantor (the person who created it).
As long as you have mental capacity, you can change the rules, replace people, or even dissolve the trust entirely.
If it is a joint trust between spouses, typically both must agree to changes, though specific provisions dictate what happens after one spouse passes away.
2. What Can Be Changed?
Virtually anything. Common updates include:
Successor Trustees: Updating who will manage the trust if you cannot.
Beneficiaries: Adding children, grandchildren, or changing the percentage of inheritance.
Asset Lists: Moving new real estate or bank accounts into or out of the trust.
3. How Do You Make It Official?
In New York and New Jersey, you cannot simply cross out words on the original document.
Trust Amendment: A legal document that modifies specific sections of your trust while keeping the rest intact. It must be signed and notarized.
Trust Restatement: If you have many changes, we "restate" the trust. This replaces the old language with new terms but keeps the original creation date, meaning you don't have to re-title your house or accounts.
4. Real-World Scenario: The Necessary Update
Mr. Chen in NJ originally named his brother in Asia as Trustee. Years later, he realized his brother’s age and location would make managing NJ property impossible. He signed a simple Amendment naming his local daughter instead. The process was quick, private, and ensured his plan remained functional.
Final Thoughts
Your trust should grow and change with your family. It is a tool designed to serve you, not a cage for your assets.
Is your trust still reflecting your current wishes? In NY and NJ, an improperly executed amendment can lead to litigation after you’re gone. Whether you need a minor update or a total restatement, our firm is here to help you maintain a plan that works. Contact us today to ensure your legacy remains in your control.
Comments