Estate Plan Restatement

A restatement in estate planning is a comprehensive revision of an existing trust or estate plan. Rather than amending specific sections, a restatement replaces the entire document with a new version while retaining the original trust’s name and date. This keeps the trust’s original structure intact, which can simplify administration and avoid issues with transferring assets. Restatements are typically used when:

Making Extensive Changes – When there are multiple updates or substantial modifications needed that go beyond a simple amendment.

Adapting to New Laws – Updating the trust to comply with significant changes in tax, estate, or trust laws.

Revising Core Structures – Changing fundamental elements of the plan, such as how assets are distributed, restructuring the trust, or altering long-term provisions.

Consolidating Amendments – If the trust has had numerous amendments over time, a restatement can consolidate all previous changes into one updated, cohesive document.

A restatement is beneficial because it preserves the trust’s original name and date, which can avoid the need for re-titling assets or notifying institutions of a “new” trust. This makes it a seamless, legally sound way to modernize or substantially alter an estate plan.

Amendments

An amendment in estate planning is used to make specific changes to an existing estate plan or trust without needing to create an entirely new document. Amendments are ideal for updates that don’t require a complete overhaul of the estate plan structure. Common reasons to use an amendment include:

Updating Beneficiaries – Changing who will inherit assets, adding new beneficiaries (like a new child or grandchild), or removing a beneficiary.

Changing Executors or Trustees – Appointing new people to manage the estate, such as a new executor, trustee, or power of attorney.

Modifying Specific Provisions – Adjusting details like distribution methods, adding specific gifts, or updating instructions for handling certain assets.

Reflecting Life Changes – Making adjustments following significant life events, such as marriage, divorce, or the death of a named individual.