Amendments to trust

What is the name of your state (only U.S. law)? Oregon

The trust names person #1 as one of the trustees. It says that if person #1 shall fail to qualify or cease to act as trustee, then person #2 shall act as trustee. We want to switch this around so that person #2 would be the first trustee and person #1 would be the second trustee. Is there certain wording that we should use?

The other amendment we are wanting to make is to delete one of the beneficaries altogether. The trust says that a one-third undivided interest to person #1, a one third undivided interest to person #2,, a one-third undivided interest to person #3. Again, can you help with the wording?

Thank you!

Q: The trust names person #1 as one of the trustees. It says that if person #1 shall fail to qualify or cease to act as trustee, then person #2 shall act as trustee. We want to switch this around so that person #2 would be the first trustee and person #1 would be the second trustee. Is there certain wording that we should use?

A: Your lawyer will tell you (I hope) to use the same wording but just switch the names.



Q: The other amendment we are wanting to make is to delete one of the beneficaries altogether. The trust says that a one-third undivided interest to person #1, a one third undivided interest to person #2,, a one-third undivided interest to person #3. Again, can you help with the wording?

A: Your lawyer will tell you (I hope) to use the same wording but delete whoever.

i dont like amendments in trusts. they are okay, if we are talking about adding a clause that was not there.

but if you are talking about changing trustee names, i would consider doing a new trust.

and if you are considering changing beneficiaries, i would absolutely do a new trust document.

i dont know for sure, but it would seem to me that if you previously used a lawyer to write up the trust, that he would give you a pretty good deal on a new trust document.

i mean he has the document on his computer. it would take all of 5 minutes for his secretary to type in the changes that you are requesting. and you have already given him your business.

the inconvenient part is re-titling the assets. but unless you have bunches of them, it sure as heck beats the pants off having the trust contested.

amendments are just sticky. and if the incorrect person finds them, they can get "permanently lost".

Thanks for the replys. We are in the process of changing the titles to all assets using either a POD or joint account but we thought to be on the safe side, we also should delete one of the beneficaries in trust by way of an amendment. We cannot locate the attorney who did the trust many years ago. It is possible that he is now deceased. It is quite expensive to do a new trust. Any other suggestions? Thanks, again!

any asset that you change the titling to, is no longer controlled by the trust, so it does not matter what the trust says. the trust only controls assets that it owns.

just remember that pod accounts usually have limitations on how many beneficiaries can be named, and contingent beneficiaries, etc.

so try to make sure that these accounts are kept updated, should a beneficiary die.

is there any real estate to be inherited ? to my knowledge, there is no way to place a pod on real estate. holding real estate in joint tenancy has problems with it, when compared to holding it in trust.

good luck.

to my knowledge, there is no way to place a pod on real estate.

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For info only. A dozen states allow Transfer on Death or Beneficiary Deeds. Oregon is not one of them.

thanks anteater,

i had heard of them talking about it. i am glad that the concept has become a reality in some of the states.

i suspect that california is not one of the ones that do ?

TrustUser said:

i suspect that california is not one of the ones that do ?

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Nope, it isn't.

Although, IIRC, there was a bill introduced there a few years ago. It might even still be buried in some legislative committee's hopper.