Perhaps you are among a minority of Americans who have been proactive about estate planning. The idea got into your head years ago, and you decided to create a revocable living trust.
You conveyed certain assets into the trust, and you named a trustee and a beneficiary to respectively manage and receive distributions from the trust after you die.
That’s all well and good, but have you reviewed the terms of the trust lately? Are you sure that the trust that you created perhaps 10, 20, or 30 years ago still make sense today?
If you were to look at your trust you may find that revisions are necessary. For example, let’s say you created the trust when you were 40 and you named your brother as the trustee. If you are now 70 and your brother died 10 years ago your trust no longer make sense.
When it comes to property you may have acquired things that are still in your personal possession that you have not conveyed into the trust. This is another factor to consider.
The terms of the trust may not be to your liking either. You may now have a different relationship with someone who was named as a beneficiary than you did when you originally created the trust. Given this altered dynamic you may want to make adjustments.
The suggestion here is to recognize the fact that life changes call for estate plan updates. If you have not looked at your trust for a while set up a consultation with a licensed estate planning attorney so that you can make any revisions that may be necessary.
- What Are Advance Directives? - November 22, 2022
- What Is a Totten Trust? - November 8, 2022
- What Can Good Estate Planning Do for You? (Part 1) - October 25, 2022