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Niles Trust Amendment Lawyers

Lincolnwood Trust Amendment Attorneys

Chicago Attorneys for Updating Trusts and Estate Planning Documents

According to several recent studies, less than half of American adults have any type of estate plan in place. In fact, nearly 60 percent of Americans do not even have a valid will. If you have taken the time to create an estate plan, you are off to a good start, but the estate planning process is one that will continue for the rest of your life.

At Otte & Czajkowska, LLC, we realize that most estate planning documents should be reviewed from time to time to ensure that they continue to meet your needs and those of your family. This is true for wills, powers of attorney, advance medical directives, and even certain types of trusts. Of these, trusts are often the most complicated to update, and doing so generally requires the help of a knowledgeable trust amendment attorney.

Revocable Living Trusts in Morton Grove

Some kinds of trusts cannot be amended. Others, however, can be updated and changed for as long as the creator is alive. The ability to make changes is one of the primary features of a revocable living trust. There are two ways to go about making changes to a trust when updates are permitted. You could amend the existing trust by drafting a trust amendment, or you could restate the entire trust.

Trust Amendments

With a trust amendment, you can update provisions in an existing trust without revoking it or completely starting from scratch. A trust amendment may be appropriate if you wish to add or remove a beneficiary or if you need to place additional assets under the control of the trust. It is important to keep in mind that each time a trust amendment is filed, the trust becomes more complicated and, in many cases, more difficult for your trust to be settled upon your death. One or two trust amendments should not be problematic, but at a certain point, you may wish to restate your trust altogether.

Trust Restatements

Restating a trust is not the same as revoking a trust and starting from the beginning again. When a trust is revoked, any property that was placed in the trust must be transferred out before it can be placed under a new trust. With a trust restatement, you have the opportunity to restate the provisions of an existing trust without moving any assets. Your restatement must clearly specify which terms of the original trust you wish to keep and what changes are being made. A restatement may be the appropriate choice if you wish to make a number of updates at the same time or if your trust has become difficult to understand because of many previous amendments.

Updating Your Living Trust

Otte & Czajkowska, LLC previously served clients in Northwest Chicago as Chester M. Przybylo & Associates. Attorneys Michael A. Otte and Izabela Czajkowska took over the firm from Mr. Przybylo with the goal of continuing to provide trusted guidance to individuals and families with estate planning questions. If you developed an estate plan with our firm in the past, we can help you review your plan and keep it fully up to date with your changing circumstances.

For more information about trust amendments or restatements, contact our office. Call 773-631-7100 to schedule a confidential consultation with a member of our team today. Our firm serves clients in Jefferson Park, Elmwood Park, Edison Park, Edgebrook, Norridge, Niles, and Harwood Heights. We also offer Polish-language estate planning and elder law services. Mówimy po polsku.

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