Keeping an estate plan and a trust current
If you have an estate plan and a trust, it’s important to keep them current. When you create an estate plan and a trust, it’s important to keep them up to date, so that your assets and wishes are properly managed when you die.
It is recommended that you review your estate plan and trust at least once a year, or whenever there is a major life change. Major life changes include but are not limited to marriage, divorce, the birth of a child, or the death of a loved one. These changes can affect the way your estate plan and trust are set up, so it’s important to revisit them, reviewing with an estate lawyer, to make sure everything is still in order.
When you review your estate plan and trust, make sure you look at the following:
• Beneficiaries: Make sure you have designated the right beneficiaries for your estate and trust. If there have been any changes to your family, such as marriage, divorce, or the birth of a child, make sure your beneficiaries are up to date.
• Assets: Review the assets that are included in your estate plan and trust. Make sure that any new assets you have acquired are included, and that any assets you have sold are removed.
• Executor and Trustee: Make sure that your executor and trustee are still up to date. If there have been any changes to your relationship with them, or if they have moved, make sure that they are still the right people to handle your estate and trust.
• Laws and Regulations: Make sure that your estate plan and trust are in compliance with the laws and regulations in your state. Laws and regulations can change over time, so it’s important to stay up to date.
Keeping your estate plan and trust current is an important part of making sure that your wishes are carried out when you pass away. If you have any questions about your estate plan or trust, it’s best to consult with a qualified estate planning attorney. They will be able to help you review your documents and make sure they are up to date.
Sorry, the comment form is closed at this time.