Changing the terms of a testamentary trust might not be as easy as you think. You see, a testamentary trust is a trust that is created in your last will and testament (therefore, the origin of its name), and does not take effect until you die.
As is surely obvious, changing the terms of a trust after one dies is not where the difficulty lies, so where does the difficulty come from?
The law is extremely stiff about needing the rules to be observed when producing a will. This is so that the individuals will have the gravity of the circumstance– and of their actions– impressed upon them, along with to protect the testator, the individual developing the will, from excessive influence. If the will ought to be contested, strict observance of the procedures will increase the dependability of evidence provided to the court.
What all of that indicates is that, in order to alter any of the regards to the testamentary trust, the testator will need to prepare a brand-new will to replace the old one, then make a reliable revocation of the previous will; or, prepare a codicil, a supplement to a will that varies or revokes arrangements in a will, which is then attested to in accord with the procedures required of a will.
Besides the issues connected to changing its terms, the testamentary trust has a variety of other downsides that you might find undesirable. To find out about other options, call your estate planning attorney today.