Once it has been determined that a revocable living trust is an essential part of an estate plan, it’s important to know how to make changes to it. Such trusts give Arkansas residents the flexibility to make appropriate changes to the document keeping in line with life situation changes. This type of trust is not carved in stone and can actually be revoked at any time.
There are a couple ways changes can happen — through signing a trust amendment that is valid in Arkansas, by a complete trust restatement valid under Arkansas law or by signing a complete revocation of the original trust. The latter would transfer assets held in a revoked trust back to the individual after which time a new revocable living trust would need to be created unless it was the intention to completely revoke the trust. Most people opt for an amendment or restatement since they’re less costly and less time-consuming.
If many changes are made to the trust over the years it could ultimately become confusing for the successor trustee who takes over the management of the trust once the trust maker has died. Sorting through many sets of documents could get confusing. On the other hand, a restatement will ensure the trust isn’t undone or revoked and will continue to govern all assets in its charge.
Estate planning, which includes trusts, can get pretty confusing. An Arkansas attorney may be able to shed light on issues associated with estate plans such as trusts and wills. It may be easier to navigate these legal waters when a lawyer is on board and offering prudent advice.