Thoughtful estate planning means that a person’s family will be taken care of when they are no longer able to do so. One of the most important documents that Washington residents would want to have to protect their family and their assets is a will. Trusts are also important. Some who already have a trust in place may wonder if they can create a second one.
It is possible to create a second trust. However, it is not something that is done very often. Many who have the desire to create a second trust have found that using appropriate language on the first trust is all that is usually necessary. For example, a person may have three children and want their assets distributed evenly among them. They also would like the eldest son to get the family home. Instead of creating a separate trust, using simple language will communicate what a person would like done with their assets.
Some people have wondered if a second trust would revoke the first one. In most cases, the answer is no. Trusts are not like wills. When a person creates a will, it usually contains a provision that indicates that any new will would revoke all prior wills. Trusts do not usually have this feature. Of course, if the second trust is a complete amendment or a restatement of the trust, then it would revoke the first one. It is good to understand that a restatement is an amendment to the first trust, not a new trust.
If a person feels that creating a second trust would be beneficial, a lawyer may be able to help them accomplish their goals using creative language with just one trust. This may be less complicated and more cost-effective. A lawyer may also answer questions regarding wills, trusts and other issues related to estate planning.