The assets of a Trust are titled to that Trust. So how is an update made to a Trust that has the creation date as a part of its name? <\/p>\n
If a Trust is created and the Trust name contains a specific date, that Trust can be amended — or even \u201camended and restated\u201d — so that some or all of the terms of the original trust can be changed or modified to accommodate the Grantor’s new or different circumstances. <\/p>\n
When a Trust is amended and restated, the Trust will continue to exist from its original formation date. As such, the assets held by the Trust will not need to be transferred to re-titled in the name of the amended and restated trust. <\/p>\n
If, however, the Grantor wishes to create a completely new Trust using a brand new name, the new Trust would be a separate \u201centity\u201d as compared to the original trust. Thus, any assets held in the original Trust would need to be transferred or assigned to the newly created Trust (assuming the Grantor desires the new trust to hold such assets) in order to obtain the probate avoidance benefit of the Revocable Living Trust.<\/p>\n