Need to Change the Trustee on a Revocable Living Trust? Find Out How to do it Here
There are situations that could arise where you will want to change the trustee on your revocable living trust. Say, for instance, you had initially named the trustee of your trust as the company with which you were partnered, but after you sold your portion of the business it only makes sense that you change the trustee to another individual or entity. It goes without saying that there may be many reasons you no longer want your ex-business partnership making decisions with regards to your trust. Luckily, as the trust’s creator you have complete authority to make this change.
If your trust was created by people other than just yourself, you will first need to talk to the other members about your decision to change the trustee. After all, everyone involved with the trust must agree to the changes in order for them to be made.
Then, you will want to make sure that the person whom you are intending to give the trusteeship to is in agreement with your decision. Being a trustee and handling all of the trust’s assets does come with a great deal of responsibility that not everyone will be willing to take on.
If they do agree to the role, you will have to write a document, also called an amendment, which will be added to the other paperwork involving your trust, stating what changes were made and why. But you’re not finished yet! In order to give the new trustee the ability to legally control the trust’s assets, you will need to replace the name of the old trustee on the title of the trust with the new one.
With that, you will have changed the trustee on your revocable living trust, but if you find that the paper work for your trust has become somewhat confusing because previous amendments have been made, you may wish to create a trust restatement which will essentially renew the trust with just the information about the new trustee, and allow you to get rid of all of the older paperwork and amendments.