Life doesn’t stay the same, and your trust shouldn’t either. Family changes, financial shifts, or new goals can leave an older trust out of step with what you need today.
In Illinois, you may be able to update or revoke a trust depending on its type. Woods & Bates, P.C. helps families review their plans and make adjustments to keep everything aligned with their goals.
Revocable vs. Irrevocable Trusts
A revocable trust allows updates or cancellation while you’re alive and able to make decisions. Common changes include updating beneficiaries or replacing a trustee. To cancel it, you’ll need to move assets out of the trust’s name and sign a written revocation.
An irrevocable trust is harder to change, but not impossible. Adjustments may be allowed if:
- All beneficiaries and the grantor agree in writing.
- A court approves changes because the trust no longer meets its purpose.
- In some cases, assets can move to a new trust under court supervision.
Common Reasons for Changing a Trust
Life events often drive people to update their trusts. Marriage, divorce, the birth of a child, or even changes in financial circumstances can all impact your plans. Regular reviews help ensure your trust still matches your goals and protects those you care about.
Why Legal Guidance Matters
Changing or canceling a trust involves legal steps that can affect your family and finances. Working with a lawyer ensures everything is done properly under Illinois law.
If you’re thinking about updating your trust, Woods & Bates, P.C. can help. Our firm assists clients throughout Lincoln and across Illinois, and we also offer virtual assessments for your convenience. Call 217-735-1234 to get started. Make sure your plan still fits your life and reach out today.