I moved to MD 2 years ago. I was ill advised and formed a trust, I am the trustee. The only thing in the trust is my house, which has no mortgage. Every other 'asset' is beneficiariable. I also made a new will, medical power of attorney, etc. While I was divorced at the time I was not ready to change my name. The lawyer quoted me a certain price to do that, but now that I am ready, the lawyer 'does not recall' that number and quotes me a price that is double.
I have been researching and feel that I can make a codicil to the will, powers of attorney. . . . But I am unsure what is appropriate for the trust. Would it be an amendment (which seems like a codicil) or would it be simpler to add the new name? Also, for the deed on the house, would producing the legal name change be sufficient to produce a new deed? Is a new deed necessary?
Thanks for your post. Trusts can be quite helpful in certain circumstances (particularly when one has assets in multiple jurisdictions, when a second marriage is involved, when a beneficiary has special needs or when the owner/settlor wants to control assets in the future or avoid probate). In other circumstances (particularly in a very simple estate of an unmarried person) they may create more administrative hassle / cost than they are worth.
Unfortunately without knowing details it is very difficult to say what would be best in your particular situation. A change of name should not affect substantive rights in the property. A new deed is usually unnecessary for a name change (though you would need to show some documentation at any future closing).
You are welcome to call my firm at 410-216-7000 for a no cost consultation of up to 10 minutes; alternatively you could contact another attorney of your choosing. While not legal advice I hope this general information helps.
