What is a trust modification agreement?

A trust modification agreement is a document that can be used to change the terms of a trust agreement in North Dakota. The agreement is used when the initial trust agreement isn’t viable or to update the trust agreement to comply with changes in the law, or to conform with the grantor’s current wishes. The trust modification agreement is used instead of creating a whole new trust agreement to save time and resources. The trust modification agreement is subject to the procedures and requirements set forth in the North Dakota statutes. Generally, the modification must be in writing, signed by the settlors or trustees, and then filed with the court or kept by the trustees. Depending on the scope and complexity of the change, it may be necessary to obtain the approval of the court and the beneficiaries. The trust modification agreement should be drafted and signed with the assistance of an experienced attorney to ensure that the document is legally valid and properly executed. The agreement should be reviewed periodically or whenever there is a change in circumstances in order to make sure that the trust remains up to date with the grantor’s wishes. Finally, the modification must be kept with the trust agreement as part of the governing document.

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