Libertyville Attorneys Assist with Changes to Trust and Wills

Lawyers in Lake County, IL for Amending Trusts and Other Estate Planning Instruments

According to a number of credible surveys, a majority of Americans do not have an estate plan. In fact, only about 40 percent of adults even have a valid will in place. With that in mind, if you have created a will or any other estate planning tool, you are off to a great start and are ahead of many people. Estate planning, however, is not a one-time event; it is a process that you will need to address from time to time for as long as you live.

At Newland & Newland, LLP, our attorneys have more than 60 years of combined estate planning experience. We understand the importance of reviewing and updating your plans on a regular basis to ensure that they meet your ever-changing needs. Wills, powers of attorney, living wills, and certain kinds of trusts should be kept up to date so that you and your family can enjoy the security and peace of mind that you deserve. Trusts, in particular, can be the most difficult to keep updated, and amending a trust often requires the assistance of a qualified trust amendment lawyer.

Revocable Trust Attorneys in Mundelein and Vernon Hills

In the realm of estate planning, there are many different types of trusts available. Some are called irrevocable trusts, and they cannot be amended or changed once they are established. Other trusts, however, can be amended and updated during the lifetime of the trust's creator. The opportunity to make changes is one of the most attractive characteristics of revocable living trusts for many people. When updating a trust is allowed, there are two common ways to do so. You could choose to draft a trust amendment, or you could restate the trust. The attorneys at our firm can help you decide which option is best for your situation.

Amending a Trust

By drafting a trust amendment, you are able to bring the provisions of your existing revocable trust up to date without invalidating the trust and starting again. If you want to add a beneficiary or take a beneficiary off for any reason, a trust amendment might be a good option. Similarly, you can use a trust amendment to add additional assets to the trust.

It is important to remember that each trust amendment that you create will complicate the trust a little more, which could make settling the trust more challenging upon your death. In most cases, an amendment or two will not create serious problems, but if many changes are needed, you might be better off restating the trust.

Trust Restatements in Illinois

A trust restatement is not the same as creating a new trust. If you were to revoke an existing trust and create a new one, the assets that were placed in the trust would need to be transferred out before they could be placed under the new trust. Depending on the types of assets in question, this process can be quite complicated.

By restating your trust, however, you can establish updated trust provisions without transferring the assets out of the trust. At Newland & Newland, LLP, we know that a trust restatement must be clear regarding the provisions of the original trust that are being kept as well as the changes being made. We will work with you in drafting a trust amendment that serves your needs and simplifies the settlement process for your loved ones in the future.

Schedule a Free Phone Consultation Today

To learn more about trust changes, amendments, or restatements, contact our office. Call 847-549-0000 for a free, confidential consultation at any one of our five convenient locations. Newland & Newland, LLP serves clients in Libertyville, Waukegan, Grayslake, Vernon Hills, Gurnee, Mundelein, Lake Bluff, North Chicago, Arlington Heights, Lake County, and throughout Northern Illinois.