It is important to review a revocable trust regularly to see if any amendments are needed, such as when something changes in your personal life or in the law.
There are two ways to go about it. You can either amend the existing trust to change a certain part of it or rewrite the whole trust, which is known as a restatement.
While you might expect that an amendment is easier and more cost-effective, that's not always the case.
Remember that your trust should provide instructions to your heirs about your wishes, so it has to be clear and comprehensive.
If you are making one or two simple changes, then amending is often sufficient. That's especially trust if the changes do not interrelate.
However, if you have made a lot of changes over time, it might be time for a restatement to ensure that the trust clearly states your wishes and is set up to be administered properly.
In addition, a restatement can reduce how much paperwork you need to give to third parties, like banks, and avoid beneficiaries learning about prior terms of the trust.