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| Credit Answers > Debt Resources > Estate Planning > Changing Wills And Trusts |
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According to a December 1999 survey, the AARP (formerly the American Association of Retired Persons) found that 60% of respondents age 50 or older have a will
and 23% have a trust.
When you write a will or establish a trust, you will likely want to gain the most flexibility in being legally able to modify these documents.
Generally, you can modify a will at any time. However, you should ensure that a modified will does not compete with a previously written will. If you recorded your previous will,
for example, you should also expect to record a modified will.
To avoid having conflicting wills, the latest modification may have to refer specifically to the earlier version. Otherwise, different beneficiaries may have conflicting claims
against your estate as a result of you having two or more wills. You only need one will.
The type of trust that you establish largely determines whether or not you can modify it. For living trusts, a revocable living trust can be revoked or modified at any time while you
are alive and replaced with another trust agreement. An irrevocable living trust cannot be revoked or modified once you establish it.
Some people deliberately establish an irrevocable living trust to add some finality to how you distribute your estate. However, you may wish to establish a revocable living trust to
have the most flexibility.
The above information is educational and should not be interpreted as legal advice. For advice that is specific to your circumstances, you should consult a legal adviser. In
addition to the AARP Web site, you may wish to visit the Web site of the National Academy of Elder Law Attorneys (NAELA).
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