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One option is to set up a living revocable trust, which is a legal document that lets you change the terms of the trust or revoke it entirely at any time while you are alive. Financial expert Suze Orman is a big champion of living revocable trusts, saying on a recent podcast that “there is no downside” to having one.

You'll need to draft a simple document that states who you are, the trust's info, the info for the new trustee, and that you are submitting an amendment to add this new person to the trust. This amendment document will need to be signed by both parties and notarized in order for it to be deemed official.

Trusts offer amazing benefits, but they also come with potential downsides like loss of control, limited access to assets, costs, and recordkeeping difficulties.

Generally speaking, yes, however this is not advised. The definition of Beneficiary in most Family Trust deeds is very broad so it may not ever be necessary to add a Beneficiary.

If you've created a trust, this might mean filling out a trust amendment form. A trust amendment form is one of a few ways you can update your trust document. This form allows you to make specific changes that won't affect your trust as a whole, such as adding a beneficiary or editing a certain provision.

A Beneficiary need not know about a trust of which he or she is a Beneficiary, and neither the Settlor nor the Trustee (if the Settlor waived the requirement for the Trustee to keep the beneficiaries informed) needs to inform the Beneficiary of the existence of the trust; but if the beneficiary finds out about it and ...

If you prefer to keep certain aspects or details of your estate plan secret, using a secret or semi-secret trust may be your best option. A secret trust is one in which a Testator appears to leave assets outright to someone in a Will; however, that beneficiary is really a Trustee for another beneficiary.

To make a living trust in New Mexico, you: Choose whether to make an individual or shared trust. Decide what property to include in the trust. Choose a successor trustee. Decide who will be the trust's beneficiaries—that is, who will get the trust property. Create the trust document.

A living trust, sometimes referred to as a revocable trust or inter vivos trust, is established and takes effect during your lifetime by a written document known as a trust agreement. A will is written during your lifetime, but does not take effect until after your death.