Whenever you create a living trust you should always know under what circumstances you can change the trust terms should you later desire to do so. There are any number of reasons why you might want to change the terms, such as entering into a new marriage, having a child, or acquiring property that increases in value, but regardless of the reason, changing the terms requires you to act in one of two main ways.
If you want to make large changes to your trust, or make so many changes that the original terms of the trust are almost completely gone, it’s probably best to replace the trust by creating a restatement. When you create a restatement you effectively end the previous trust and form a new one.
For simple changes to a revocable living trust, such as adding the name of a new child as a beneficiary, you can usually accomplish your goals by creating an amendment. A trust amendment changes one or more of the previous trust terms and replaces it with new terms.
It’s important to remember that while you can change the terms of a revocable living trust, an irrevocable living trust is not the same thing. When you create an irrevocable trust those terms are effectively written in stone. You may be able to change some minor provisions of the trust or address clerical errors or mistakes, but irrevocable trusts are largely unchangeable after you create them.