A restatement of a revocable living trust revises or amends all of a trust’s provisions. A restatement of trust completely replaces all provisions of the original revocable living trust from beginning to end and it also revokes all previous amendments.
The original trust’s name and date the trust was established are not affected or changed by the restatement.
A Restatement can be a more efficient manner to change your trust because the trust maybe old and outdated and no longer conforms to your wishes. Trying to amend the trust under these circumstances can become costly. Plus the multiple amendments can be difficult for your trustees during the trust administration process. In addition, if the trust has been prepared by another attorney, the new attorney will need to review the old trust in detail and this is a lengthy process thus incurring additional costs.
The best part about the restatement is that you do not have to retitle assets, so long as you have already done this, because the trust name, date and original trustees are the same.
Only an attorney can determine if your trust needs to be restated. To see if your living trust needs to be restated call our office at (650) 463-1550 to set up a complimentary consultation with one of our estate planning attorneys.
