A trust amendment is a legal document that revises specific provisions of a revocable living trust or an “inter vivos” trust. It is only intended for making changes to specific provisions, while leaving the rest of the document in its original form and other provisions unchanged.
Probate is the process after a person passes or becomes disabled; their assets are put on hold until the will is validated, any remaining debt is paid off, and the beneficiaries of the will are identified. Probate can be a long and stressful process, especially after such a difficult time. Non-probate assets avoid this long, costly process and pass directly to a decedent’s heirs.
Preparing for what happens after one’s passing can be difficult. Most people do not like thinking of the reality that they are not going to be around one day. However, proper preparation allows you to have a say even after you pass.
Generally, it is recommended that your estate planning documents, including your revocable trust, are reviewed at least once a year. This is especially important if you have experienced any significant life changes.
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This is a quick legal reference guide covering 16 topics that every business owner needs to have to start a business
