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Trust Review, Amendment, and Restatement

A Trust Attorney in Los Angeles to Help With Your Changing Needs

Setting up your trust and never looking at it again can sometimes be worse than not having a trust at all. It is the wise and responsible thing to do to periodically review the terms of the trust and ensure they remain current, relevant, and match the ever-changing family dynamic. If this periodic review does not take place, the beneficiaries end up with unrealistic expectations and the trust may be facing bitter and prolonged litigation that drains its assets.

The Law Offices of Maria N. Jonsson, PC can assist you with reviewing, amending, and restating your trust. Reach out to our trust attorney to learn more about our comprehensive estate planning services.

Call (310) 935-0706 or contact us online for a free consultation with a Los Angeles trust lawyer.

When to Review and Amend Your Trust

A trust should be taken out and looked over at least once every five to seven years to ensure it is in line with both current law and your changing circumstances, including the size of your assets, the age of your children, and specific needs of your family. Change of circumstances—such as divorce, marriage, second marriage, the birth of a child, moving to another state, or the death of your named fiduciaries—mandates updating your trust. A trust is updated by way of a trust amendment or a complete restatement of its terms. If you find that you need to update it, it is important to have a trust amendment attorney by your side to ensure that the rights of the beneficiaries are protected.

First-to-Die & Second-to-Die Trust Administration

When one or both of the initial trust creators (the settlors) die, the surviving spouse or, if both spouses are gone, the named successor trustee steps in and takes over the management and control of the trust property. This often includes collecting receivables, dealing with creditors, paying taxes, and, ultimately, making distributions to named beneficiaries as provided in the terms of the trust. This is not an intuitive process and involves important legal and tax considerations and deadlines.

It is the trustee’s duty to ensure that the rights of the trust beneficiaries are adequately protected. The trustee is responsible for maintaining the trust property income-producing and giving information and trust accounting to the beneficiaries. We work closely with the trustee and the trust’s CPA in regard to taking control of the trust assets and marshaling those assets to the trust beneficiaries, rendering requisite accounting, filing personal and trust income tax returns (or in some cases, estate tax returns to claim a portability election) through final distribution to the beneficiaries and the trustee’s release from liability as such. Portability election, federal estate taxes, asset valuations, sub-trust funding, and preserving the property tax reassessment exclusion are the issues that trustees generally grapple with at this stage.

Call the Law Offices of Maria N. Jonsson, PC

If you believe it is time to review and amend your trust, contact a Los Angeles trust amendment attorney at the Law Offices of Maria N Jonsson, PC. We can answer your questions and help you find a solution that’s right for you and your family. Schedule a free case evaluation today.

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  • We Work as Part of
    a Larger Team

    We work with our clients' financial planner, CPA, realtor, and insurance broker to implement a well-rounded and thorough legal plan for wealth preservation and inheritance transfer.

  • Strategic Planning &
    Attention to Detail

    We carefully look at each factor that affects the execution of an estate plan – from the perspective of minimizing and eliminating reassessment of property taxes to avoiding post-death conflicts.

  • Mediator by Training & Peacemaker by Heart

    We believe that an estate plan should leave behind not only property, but most importantly – harmony, rather than tear families apart with poorly drafted or ambiguous and confusing term