To change your revocable living trust, first review the trust to see if there is a provision in the trust that pertains to amending/modifying the trust. If there is such a provision, then follow the steps outlined in the trust.
If there are no instructions in the trust pertaining to amending the trust, then Florida law allows the settlor to amend a living revocable trust by executing a document that clearly states the settlors’ intentions. This can be done by drafting an amendment to the trust or a restatement to the trust.
Amendment – An amendment is a change, correction, clarification, or deletion of provisions in the trust. The amendment must be signed by the settlor in front of two witnesses and a notary.
Restatement – If the changes to the trust are extensive or the trust has already been amended many times, it might make sense to file a restatement of trust rather than an amendment. Restating the trust involves rewriting the trust to include the changes. A restatement will need to be signed in front of two witnesses and a notary.
If the changes are extensive enough, it might make sense to revoke the trust and start from scratch. However, a restatement of trust is usually preferable because revoking the trust would cause all assets held by the trust to revert to their original owner. Once all assets are reverted to their original owner, they will need to be re-titled into the new trust. A new trust will need to be signed in front of two witnesses and a notary.
It is recommended that you have an attorney help you make changes to a trust to make sure the changes comply with the trust and to make sure trust formalities are properly followed.
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