If you have an estate plan in place, you likely have one or more trusts set up for your beneficiaries established years or possibly even decades ago. While they may have been perfectly organized at the time of writing, changes in your goals, financial circumstances, beneficiary life events, and even state and federal laws can quickly make any trust outdated and ineffective. Much like a house needs repairs and general upkeep, or the occasional full-scale renovation, your trusts need to be monitored and updated to remain stable and operational.
Just because trusts are irrevocable does not mean that they cannot be updated, consolidated, or otherwise modified to reflect your changing environment. There are several benefits to updating an old trust. In this article, we will examine some of the life changes that may indicate the need for an updated trust and the benefits to you, your legacy, and your family in doing so.
Awareness that your trusts may not be effective in their current state is only the first step. When you know that your trusts need an update, it is important to work with trusted professionals who can work with you to achieve the goals you want for your life, your legacy, and your beneficiaries. At PROVIDENTIA LAW, we are experts in customizing plans specific to each individual client’s needs and goals. Our lifetime membership program guarantees that when your life changes, your trusts can be updated to reflect those changes. For more information on how you can renovate your trusts to better fit your life, visit www.providentialaw.com, email us at firstname.lastname@example.org or give us a call at (408) 560-7010.