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When and how to update your revocable trust

On Behalf of | Feb 17, 2024 | Estate Planning

A revocable trust is a valuable tool in estate planning, allowing you to manage your assets during your lifetime and distribute them according to your wishes after you pass away.

However, you need to periodically review and update your trust to ensure it continues to align with your goals and circumstances.

Life events

If you have an estate plan, you are ahead of the 67% of Americans who do not have one. However, just because you created a plan, does not mean that your job is not done. Life is full of changes, and many of these changes can impact your estate plan. Major life events should prompt a review of your trust. These events may necessitate updates to beneficiary designations, distribution instructions or appointment of new trustees.

Changes in financial situation

Your financial situation can also change over time. Significant increases or decreases in assets, changes in income or acquiring new properties or investments may require adjustments to your trust. Make sure that your trust reflects your current financial circumstances and goals.

Legal and tax changes

Laws and tax regulations evolve, and these changes can affect the effectiveness of your trust. Review your trust regularly to make sure it complies with current laws and takes advantage of any tax-saving strategies.

Health changes

Your health can also impact your estate plan. If you become incapacitated or develop a medical condition that affects your ability to manage your affairs, it may be necessary to update your trust and appoint a successor trustee or modify instructions for healthcare decisions.

Set aside time at least once a year to review your trust document and consider any changes. Keep your trust and other estate planning documents in a safe place, and inform your trusted loved ones of their location.


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