Updating Your Estate Plan: How Many Tweaks Are Too Many?
If your life or the law has changed since you signed your last will and testament (will) or trust agreement, you need to update your document. You can make updates to a revocable living trust by way of an amendment or a complete restatement of the trust agreement. An amendment updates a specific part of the trust whereas a restatement creates a new set of operating instructions for the entire trust. You might think that an amendment would cost less than a restatement, but that is not necessarily true. If you have a will, you can make small changes or updates with a codicil. You also have the option to create a new will with new instructions.