Question 1: When can I change the terms of my revocable living trust?
Essentially, whenever you wish. A person who creates a revocable living trust, known as a settlor or a trustor, retains the ability to modify or alter the terms of the trust whenever he or she desires. For example, if you create a revocable living trust which names your child as a beneficiary, you can change the terms of the trust after the birth of a second child so the trust also include the new child as a beneficiary.
Question 2: Can the trustee change the terms of the trust?
No. Only a settlor or a trustor can change the trust terms. However, if you have made a trust and included a requirement that the trustee agrees to any changes you make, this may require you to consult with the trustee about the changes before you can make them. Also, your trust may have provisions which require you to notify the trustee of any change you choose to make.
Question 3: How do I make a change?
You can modify the terms of the trust by drafting an amendment which you can then include with the original trust documents. Amendments are best suited when you wish to make a single change, or a small number of minor changes. If you want to make major changes or multiple changes, it is probably better to create a restatement of the trust, which is effectively rewriting it.