Q. Can we amend the beneficiary after the trust has been created? Do we create personal pro. trust and living trust so we can make them benficiaries of our land trusts?? What's the flow?
A. Yes - you can easily change beneficiaries because the information on beneficiaries is not filed anywhere on public record. Just the page in the Trust Documents showing the beneficial interest of the trust needs to be changed. If the benefical interest is changed, you will want to complete the
Assignment of Beneficial Interest document.
The flow should go like this: property is granted to Land Trust, the beneficiary of the Land Trust should be a Personal Property Trust, the beneficiary of the Personal Property Trust can be you personally, an LLC or a Living Trust. If you need to change the beneficiaries later, it is as easy as changing one page in the trust documents.