An amendment changes specific parts of a document, while a restatement completely replaces the original document.
Extensive changes may warrant creating a new contract or making an "amendment and restatement" to simplify changing an existing agreement.
They modify terms and conditions of an existing contract, commonly changing payment amounts, due dates, or interest rates.
A key aspect is that the restatement supersedes but does not release the original document if done properly.
Amending just one provision may suffice if only a specific part of the document needs changing. Amending is quicker and cheaper than fully restating a document.
A restatement completely replaces the original document, while an amendment changes parts of it.
Reasons for restating or amending a trust include extensively changing or simplifying existing agreements.
The process involves modifying terms and conditions, with lawyers aiding in the proper execution of these agreements.
A key aspect is that the restated version retains the same priority and enforceability of the original document.
Preference for a simple amendment arises when only one provision needs changing, as it is quicker and less costly than a complete restatement.