A revocable Oregon living trust is called that for a reason: You have the option to revoke or change the trust document at any time. But when should you?
If two spouses create a revocable trust together, either spouse has the right to revoke the trust, but they must agree in writing to any amendments to the existing trust document. There are many situations in which it may be appropriate to amend or revoke your trust.
When to revoke or amend an Oregon Living Trust
Amendments may be necessary in any of the following situations:
- Getting married
- Having a child
- Transferring particularly valuable property to the trust
- Changing who you want as a successor trustee
- One spouse passes away
- One of your primary beneficiaries passes away
- You change your mind about how you want your property distributed to beneficiaries or the identity of beneficiaries
An experienced trust attorney can advise you when an amendment is needed and can help you properly change the trust documents to address the situation at hand.
In some circumstances, an amendment will not be enough to address a changed situation.
You may need to revoke your trust and create a new one if you want to make major revisions to the trust instructions, for which adding amendments may be too confusing. It may be easier to simply start over.
Additionally, while Oregon law revokes trust provisions in favor of a spouse upon a divorce, you will want to revoke any joint trusts you have if you are getting divorced.
Contact an Experienced Eugene Estate Planning Lawyer Today
Many people do not consider when it may be time to amend or revoke a living trust. If you’ve experienced any changed circumstances, turn to Megan Salsbury for help evaluating your best course of action regarding your trust.
Call 541.246.8752 or contact us online to schedule a consultation with your Eugene trust attorney today.