Real Estate Law
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Ideally, the living trust document will include mechanisms for the replacement of the trustee and the beneficiaries. Presuming that such document does not allow for that flexibility, then a new living trust can be created to supesede the 2003 living trust allowing for one of your children (or more) to become trustee (or co-trustees) and the changing the beneficiaries to your liking. I would recommend retaining a local Estate Planning attorney to prepare this for you. Please be mindful of any onerous tax consequences which drives most of the estate planning decisions.