Restatement of Revocable Trust Agreement
(NY)

Summary

This template is a restatement of a revocable living trust. This template may be used in New York. It contains practical guidance, drafting notes, and optional clauses. Although this particular restatement is for a trust created by an individual with a spouse or partner that includes separate share trusts for the individual’s children, the introductory language pertaining to it being a restatement can be incorporated into any type of revocable trust document. To restate a revocable trust is to make as many changes to the original trust agreement as the grantor wishes to make, and to fully replace the original trust and any previous amendments with a new document that incorporates into a cohesive whole the language of the original trust, any previous amendments the grantor wishes to carry forward, as well as any additional changes the grantor wants to make. When the grantor simply wants to make a change or two to an existing trust, you might choose to simply have him or her sign an amendment reflecting the changes. But when there are extensive changes, or when there are many previous amendments, some of which might amend even earlier amendments, it is best to avoid potential confusion and to create a new, restated trust agreement. The name of the trust will remain the same, so there is no need for the grantor to retitle any assets already held by the trust. A restated trust agreement must be executed with all the formalities required for executing a trust, and you should review the original trust agreement for any additional formalities to be followed when amending the trust. For more information on revocable trusts, see Characteristics and Uses of Trusts (NY), Requirements and Restrictions on Trust Purposes and Administration (NY), and Revocation, Amendment, and Termination of Trusts (NY). For a letter to a client regarding the importance of funding a revocable trust, see Letter to Client (Funding Revocable Trust) (NY).