Altering the terms of a testamentary trust might not be as simple as you think. You see, a testamentary trust is a trust that is created in your last will and testament (hence, the origin of its name), and does not work until you die.
As is definitely obvious, altering the regards to a trust after one passes away is not where the trouble lies, so where does the difficulty come from?
The law is incredibly stiff about needing the rules to be observed when developing a will. This is so that the individuals will have the gravity of the scenario– and of their actions– impressed upon them, in addition to to safeguard the testator, the individual creating the will, from undue impact. If the will should be contested, strict observance of the formalities will increase the reliability of proof provided to the court.
What all of that implies is that, in order to alter any of the terms of the testamentary trust, the testator will need to prepare a new will to take the location of the old one, then make a reliable revocation of the previous will; or, prepare a codicil, a supplement to a will that varies or revokes provisions in a will, which is then vouched for in accord with the procedures needed of a will.
Besides the problems related to altering its terms, the testamentary trust has a number of other drawbacks that you might discover undesirable. To discover other choices, call your estate planning lawyer today.