• Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to secondary navigation
  • Skip to primary sidebar
  • Skip to footer

Before Header

Call us today for help!  (631) 265-0599
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

Eghrari-Logo

Long Island Elder Law & Estate Planning

  • Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate and Gift Tax Figures
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Hospice Care
    • Medicaid Planning
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

Mobile Menu

  • Home
  • Who We Are
    • About Our Firm
    • Meet Our Team
  • Resources
    • Client Resources
      • Definitions
      • Docubank
      • Elder Law Resources
        • Brentwood Elder Law
        • Central Islip Elder Law
        • Commack Elder Law
        • Hauppage Elder Law
        • Smithtown Elder Law
      • Estate Planning Resources
        • Estate Planning Check Up
        • Estate and Gift Tax Figures
        • Estate Planning Techniques
        • Estate Planning Worksheet
        • FREE Estate Planning Seminars
        • Long Island Estate Planning Resources
      • New York Medicaid Resources
        • Medicaid Planning Worksheet
      • Nursing Home Resources
      • Probate Resources
        • Brentwood Probate
        • Central Islip Probate
        • Commack Probate
        • Hauppage Probate
        • Smithtown Probate
        • Suffolk County Probate Resources & Checklist
      • Presentations
      • Retirement Planning Checklist
      • Trust Administration Resources
    • Elder Law Reports
    • Frequently Asked Questions
      • Business Planning
      • Estate Planning
      • Families Without an Estate Plan
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Reports
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses
    • Incapacity Planning
    • Legacy Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Hospice Care
    • Medicaid Planning
  • Areas We Serve
    • Long Island
    • Nassau County
      • Oyster Bay
    • Suffolk County
      • Brentwood
      • Central Islip
      • Commack
      • Hauppauge
      • Smithtown
  • Blog
  • Contact Us

How Do I Change My Living Trust?

How Do I Change My Living Trust?When you are engaged in your estate planning efforts, you should understand the benefits that you could gain if you were to use a revocable living trust as your primary asset transfer vehicle.

With a revocable living trust, you do not surrender control of the resources that you convey into it, because you can initially act as the trustee and the beneficiary. Plus, since you can revoke the trust, you could essentially “call the whole thing off” and take back direct personal possession of the assets. The trust would no longer exist if you choose to revoke it.

You ultimately want someone to distribute assets to your heirs after you pass away, so you name a successor trustee to take over the role after your passing. It would also be possible to empower this person or entity to administer the trust in the event of your incapacitation.

In the trust declaration you name secondary beneficiaries to succeed you, and after your passing, the beneficiaries will receive distributions in accordance with your wishes. These distributions would not be subject to probate, which can be a time-consuming and expensive process.

Changing a Living Trust

Another benefit that you gain when you create a living trust is the ability to change the terms of the trust. You can add or subtract beneficiaries, change the successor trustee, convey additional property into the trust, or remove property from the trust.

To change the living trust, you could add an amendment to the trust, but you have to make sure that the amendment is very clear with regard to your intentions. Another possibility would be a restatement of the trust. The original trust would still exist, but the terms of the trust would be completely restated.

Learn More About Living Trusts

We have prepared a comprehensive, in-depth report that you may want to access if you would like to learn more about revocable living trusts. This report will answer all of your questions, and it is being offered to our readers free of charge at the present time.

To obtain  access to your copy of the report, visit this page and follow the simple instructions: Free Report on Revocable Living Trusts.

Take Direct Action

If you would like to take things a step further and speak with an attorney about the possible creation of a living trust, our firm would be glad to assist you. We offer free consultations, and you can send us a message through our contact page to schedule an appointment: Long Island NY Estate Planning Attorneys.

More Content at Forbes.com

We are regular contributors to the Forbes.com website. If you would like to obtain additional information about estate planning and elder law topics, visit our page on their site: Forbes Contributor Mark Eghrari.

 

  • Author
  • Recent Posts
Eghrari Wealth Training Law Firm
Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.
Latest posts by Eghrari Wealth Training Law Firm (see all)
  • What You Need to Know about Medicaid’s “Look-Back” Rule - February 1, 2023
  • What You Need to Know about Elder Financial Exploitation - January 25, 2023
  • What Is an Asset Protection Trust? - January 18, 2023

About Eghrari Wealth Training Law Firm

Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.

Previous Post: « How Can I Qualify for Medicaid?
Next Post: What Are the Formal Requirements for a Valid Last Will? »

Primary Sidebar

Blog subscription

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

Where We Are

Eghrari Wealth Training Law Firm
50 Karl Avenue, Suite 202
Smithtown, NY 11787
Phone: (631) 265-0599
Fax: (631) 265-0754

See Larger Map
Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 2:00 PM

Map

map for Eghrari Wealth Training Law Firm office

Footer

Office Location

Eghrari Wealth Training Law Firm
50 Karl Avenue, Suite 202
Smithtown, NY 11787
Phone: (631) 265-0599
Fax: (631) 265-0754

See Larger Map
Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 2:00 PM

Sign Up for Our Newsletter

Sign up to get our free estate planning newsletter for all of our tips and resources

  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Site Footer

ATTORNEY ADVERTISEMENT

Copyright © 2023 American Academy of Estate Planning Attorneys · All Rights Reserved