Can I update a trust that wasn't created with Trust & Will?
Yes, you can update most types of existing trusts through Trust & Will, even if they were not originally created with the platform.
How to Update an Existing Trust With Trust & Will
- Sign up for an account: Begin by creating an account on Trust & Will.
- Provide basic information: Fill out some basic information about yourself and your existing Trust.
- Confirm update eligibility: The platform will ask if you have an existing Trust and gather necessary details to determine if your Trust can be updated through Trust & Will.
What about creating a new Trust?
You can create a Revocable Living Trust through Trust & Will even if you currently have another Trust. Note that creating a new Trust does not automatically replace or eliminate the existing one; you can technically have two separate Trusts.
Can I terminate or replace my old Trust?
- Terminating a Revocable Trust: If allowed by the terms of your old Trust, you can terminate or revoke it to only maintain the new Trust. This involves moving assets from the old Trust to the new one.
- Handling an Irrevocable Trust: If the assets are in an Irrevocable Trust, transferring them can be more complex and might require additional legal steps. Please be aware that Trust & Will does not offer Irrevocable Trusts or updates to Irrevocable Trusts.
How to update a Revocable Trust through Trust & Will?
You can update or amend the provisions of most types of Revocable Trusts using Trust & Will without needing to transfer new assets into the Trust, simplifying the process of updating your existing arrangements.