Updating Your Trust
Novas Law Group | Downey, CA
Keeping your trust up to date is important because life is all about change. As time moves forward, things initially outlined in your trust may need revising for different reasons. Sometimes people don’t realize how much time has passed since they created their trust. It is a good idea to review your existing trust and estate planning documents, so essential changes are made to meet what you want. Our trusted team of legal experts Will will provide the guidance necessary to keep your trust up to date.
Situation Changes Require Review
When situations such as your family, assets, or personal plans change, make sure your trust reflects what changed to save time and reduce risks of experiencing challenges in the future. Your estate planning should include reflecting changes such as the addition or loss of a family member, changes in financial accounts such as retirement, savings, or life insurance, or any other personal plans you made such as providing funds for college or how your estate should be disbursed based on your wishes. Your trust may need adjusting if laws have changed on taxes and what you can leave to loved ones.
When to Update Your Trust
Legal experts recommend clients should review and update their trust about every three (3) years. Anytime a life-changing situation occurs, it is an excellent time to update your trust and estate documents. How often to update your trust may vary depending on your situation. Our legal experts may include recommended timeframes of when to review and consult your plan to ensure it stays up to date. An updated trust is crucial for it to work as intended and to avoid probate.