Wills and trusts are the most common estate planning documents. If you created a will and trust as part of the estate planning process, these documents may no longer be suitable for you or your beneficiaries. Life changes and so do laws, so generally speaking, you should review your trust at least once a year to ensure it always reflects your wishes.
If your trust has a table of contents, start here. If this document has language concerning a “Successor Trustee” determine if this person is still alive, if they are still part of your life, and if you still trust them. Do not be afraid to make changes with the help of your estate planning attorney if you no longer want this person as your trustee.
Next, look for the paragraph that includes “Disposition on Death.” Make sure this part still makes sense for your loved ones in terms of distributing your assets. Then, go over the “Schedule of Trust Assets.” If it has been a while since this was updated, it may be time for some changes to your wills and trusts.
Then, take a second and think about the state of your health. If you or your spouse are ill or already living in a nursing home, you may want to start putting together a Medicaid Asset Protection Trust.
As you review your wills and trusts, you should also review the people listed as beneficiaries for your life insurance policies and retirement accounts. Make changes if these beneficiaries no longer make sense for your situation.
We help our clients review their wills and trusts all the time, and we can help you do the same. Contact us today if you would like help reviewing and updating your estate planning documents.