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Yes, but if you only have one you need to make DAMN sure you have your seed mnemonic. Process would go something like:
1. Do dry-run recovery for Trezor-T (TT) to verify your seed
2. Perform some „show address on device“ to ensure your passphrase
3. Ensure you know ALL the accounts you hold funds on the old mnemonic
4. Reset device and generate a NEW mnemonic, recording approariately
5. For each account to migrate, print a QR of the receive address
6. Verify each QR by performing a „show address on device“ command
7. Reset device and load with OLD mnemonic
8. For each account with balance, send to the QR you printed
9. Reset device and load with NEW mnemonic and verify receipt
Great care should be taken on step #8 to ensure that you don’t send BTC to LTC or something like that. I recommend printed QRs since they are hard to corrupt with malware. There are tons of clipboard viruses that will swap addresses in memory which most users don’t catch. Hence all the „show on device“ and „verify address“ language.
If you happen to have two Trezor’s the process would be like two steps instead of 10.