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Michael Gonzalez
Michael Gonzalez, Lawyer
Category: Real Estate Law
Satisfied Customers: 532
Experience:  Managing Member at Perez-Mena & Gonzalez, LLC
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I made a living trust in 2003. Now my children are grown,

Customer Question

I made a living trust in 2003. Now my children are grown, how can I replace successor
and give my children the beneficiary and successor at the same time. Do I need to renew my living trust?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Michael Gonzalez replied 1 year ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

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.

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