Do you know what would be one of the most incredible inventions ever made? For me, it would be a car that never needs maintenance or repairs. Can you imagine? How awesome would it be to choose any car off the lot and drive away knowing you never have to see your mechanic again? (Sorry, nothing against mechanics!) No more worrying about changing oil every 3,000 miles. The tires never run thin. The brakes never squeak or wear down. And the battery stays charged forever!
Great invention, right? Well, repair-free cars might happen in the future, but it seems no matter how sophisticated or energy-efficient cars become, maintenance and repairs will always be part of owning a car. Ironically, as long as you pay to regularly maintain your car, you will save on maintenance costs in the long run.
Trusts are like cars. As much as I wish I could tell you that once you create a trust you can just drive away from our office and never talk to us again, I would be giving you poor advice. Estate plans need to be maintained over time to avoid greater costs down the road. (No pun intended)
For example, there were some significant law changes to the Arizona Trust Code in 2009. Our clients who previously created trusts had a decision to make based on the law changes: do they amend their trust to take advantage of the benefits of the new laws or not?
Many changes can be made to a trust using an amendment rather than writing the whole trust over again. In terms of a trust, an amendment is comparable to getting a transmission flush or new brake pads. It is something less expensive to take care of now rather than waiting and having the transmission lock up entirely. Once someone becomes incapacitated or passes away, it is usually impossible to make changes. Thus, it is advisable to keep your trust maintained over time rather than waiting for a big event to occur in your life and finding out it is too late.
You probably guessed I hate car repairs, but just as my mechanic wants my car to work for me when I need it, I want my clients’ trusts to work for them when they need it. So keep in touch with us and make sure your trust is current and properly maintained.
About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.