Can I change the terms of a trust?

Yes, you can change the terms of a trust in Indiana. This process is called “modification” and is generally done if the trustor (the person who created the trust) wants to make changes to the trust after it has already been created. The trustor can modify the terms of the trust either by making a written amendment to the trust document that is then signed by the trustor, or by having a court approve a change in the trust. The trustor may wish to modify the trust for various reasons, such as to make adjustments for changes in the laws or for changes in their personal circumstances. For instance, a trustor may choose to modify the trust to add new beneficiaries, or to change or add to the distribution of the trust assets. A trustor may also wish to modify the trust to make changes that will help reduce taxes, such as by adding a charitable beneficiary. It is important to note that if a trustor wishes to modify a trust, they must take care to comply with all applicable state laws. The process may also require specific paperwork to be filed, such as a petition for modification or an amendment to the trust document. The trustor should also be aware of any potential tax consequences that come with making changes to the trust.

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