Tip 1: Be clear about the changes you want to make and why.
People often establish a testamentary trust to provide inheritances to those who cannot govern them themselves, such as minor children who cannot directly own property. If you want to change the terms of the trust you need to be sure why you are doing so and if changing the trust terms is the right course. You should speak to an attorney about this because there may be other alternatives you have not considered that could fit your desires better.
Tip 2: Consider the effect the change will have on your other property.
A significant change to the terms of your testamentary trust could impact the other gifts or conditions you included in your will. If, for example, you direct that additional property gets transferred to the trust, that property might affect the inheritances you directed in the will.
Tip 3: Make your changes in writing.
The most common way to update or alter the terms of a testamentary trust is to create a codicil or a new will. A codicil is a document that alters the terms of your existing will, while a new will allows you to completely rewrite it. Both documents must be printed and comply with the laws of your state. These laws are the same laws that applied when you made your original will, and failing to meet them will render the updated document invalid.
Byrd : Garrett, PLLC is a member of the American Academy of Estate Planning Attorneys.
Source: http://www.byrdgarrett.com/blog/wills-and-trusts/change-terms-testamentary-trust-3-tips/
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