If you have already created a revocable living trust in the state of Minnesota and need to make changes to it, how do you go about doing so? An estate planning attorney may help you understand the process for amending a revocable living trust.
Where do you begin?
Amending a revocable trust begins with obtaining a copy of the current trust document. You need to make sure that the trust document you are amending is the most recent version of the document. Otherwise, the amendment will be invalid.
Minnesota state statute
The details and conditions under which an amendment can be made to a revocable living trust are laid out in a state statute. The trust must be amended by all parties if the trust has been funded by more than one person and it is community property that makes up the trust. If the property is funded solely by one party, they may amend the trust by themselves.
The trustee must notify any party not privy to the amendment of the trust document. If the trustee was not notified of the amendment, the state statute says that they will be held harmless if the terms of the amended trust document are not carried out.
Preparing the amendment
On a blank sheet of paper, give the document a title of “Amendment.” Then, in the body of the document, lay out the changes that you wish to make to the living trust. If you wish to make complicated changes, you may wish to revoke the initial trust and create a new one.
You may want to involve an estate planning attorney in this process to make sure that it is executed properly. A poorly worded amendment or one that is not documented and signed correctly can lead to confusion at the time the trust is carried out.