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Our partnered legal provider recommends against amending a holding/bare trust deed for another property and instead suggests establishing a new holding trust, unless the circumstances warrant an amendment (e.g. where a street address changes post registration of the plan, but there is no change in the property held).

701.0408 or by another statute, the following rules apply: (1) A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee.

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.

Most trusts spell out when/how/if a trustee can be added. There is also an option to petition the court to add a trustee, but you would need a compelling reason as to why a trustee should be added when there are already 3 trustees.

For example, if a couple sets up a trust, then the trust instrument might stipulate that upon one spouse's demise, the surviving spouse will have the power to change the trust as they deem fit. And part of this change might involve adding or removing a beneficiary to the trust.

Name both primary and contingent beneficiaries. It's a good practice to name a “back up” or contingent beneficiary in case the primary beneficiary dies before you. Depending on your situation, you may have only a primary 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.

Trusts are more flexible than wills regarding complicated family situations. For example, if you have a disabled or blended family member, you may want to pass certain assets to a specific person. Many times, a will not allow those special provisions.

Draw up the trust document: You can use an online program to do it yourself or get the help of an attorney. Get the trust document notarized: Sign the trust document before a notary public. Put your property into the trust: You can also do this yourself, but it does take some paperwork, so a lawyer may be helpful.