Revocation or Changes in the Trust
Revocation of Trust
If you have provided for a revocable trust, the trust can be revoked at any time. This revocation should be in writing and should be executed in the same manner as the trust was executed originally. There should be a notary attestation, just as in the original trust document.
If you have provided for an irrevocable trust, you cannot generally revoke this trust. However, in the law there are always exceptions. Contacting member services and speaking to an attorney might be the first step to understanding your options with respect to revocation.
Changes to your Trust
Generally, trust documents provide that a trust may be amended or changed at any time. Things that are often changed might be distribution provisions, successor trustees, adding or deleting beneficiaries, and similar types of provisions. It is absolutely essential to have such provisions in your trust, so long as these provisions are permissible for the type of trust which you have created.
Some things cannot be changed in some trusts, particularly irrevocable trusts, and an expert in this area of law should be consulted both before the trust instrument is created and, although it may be too late, if such changes are ever needed. In these situations, a provision in your trust allowing an amendment to certain provisions may defeat the purpose of your trust and render it ineffective in accomplishing the purposes which you intended. This is most frequently in the area of trusts created for tax reasons or for Medicare, Medicaid, or other care type reasons.