Creating a living trust is a crucial aspect of estate planning, but many individuals fail to recognize the importance of revising it over time. At Heather Lynn Law, APC, we are dedicated to supporting the residents of California and Arizona in planning for significant life events. Here’s how often you should evaluate your trust. Reach out to us to meet with our living trust attorney today!
How Often Should I Revise My Trust?
Major Life Events
Significant milestones like marriage, divorce, or the birth of a child can greatly impact your estate plan. For example, if you get married, you may want to include your spouse as a beneficiary or adjust the distribution of your assets. Conversely, divorce may necessitate the removal of an ex-spouse as a beneficiary or the reevaluation of guardianship for children.
Change in Financial Status
A shift in your financial situation — whether through an unexpected windfall or significant debt from unforeseen circumstances — warrants a revision of your trust. Both scenarios can dramatically alter the size and complexity of your estate, affecting how you want your assets to be distributed.
Changing Laws and Regulations
Trust and estate laws evolve over time due to new legislation and regulatory changes. This evolution necessitates that you periodically review and update your trust document to remain compliant with current laws. Failing to do so can lead to complications that may affect your estate's administration and could ultimately hinder your beneficiaries' ability to access their inheritance.
Periodic Reviews
Even if there are no significant life changes, it’s wise to review your trust every few years. This practice ensures your estate plan remains effective and aligned with your goals. By committing to regular reviews, you can maintain control over your legacy and ensure it aligns with your current intentions!
Safeguard Your Future With Estate Planning
Revisiting your living trust is essential to secure your assets and ensure your wishes are upheld. At Heather Lynn Law, APC, we are committed to helping you navigate trusts and estates law, ensuring you effectively protect your legacy. Contact us today for professional assistance in your estate planning journey in California and Arizona!