You have taken the time and have created a living trust, but you may be asking-- what happens next? The creation of your Revocable Living Trust involved some very important decisions – naming the individual(s) to be in charge of your healthcare and financial decisions; deciding who shall receive your hard earned estate after you pass away; gathering asset information to complete the funding process for all accounts/real property; and notifying the financial institutions and county recorder to ensure the accounts/real property are retitled into the name of the Trust. You have done a lot at this point! But now is not the time to place your plan on a shelf and forget about it.
After the creation of the estate plan, it is vital that you keep up with adding new assets that you acquire, (i.e. financial accounts and real estate) into the name of your Trust. If assets are mistakenly left outside of the Trust when you pass away, a possible expensive and lengthy probate will ensue for your family. As we all know, life goes on after you create your estate plan, and a Trust review is an excellent way to “catch” assets that are mistakenly left outside of the Trust.
Do trust laws change? Yes, they do! Your estate plan is similar to car maintenance – every once in a while, your car needs a check under the hood to make sure it’s running smoothly. Your estate plan is no different – every 2-3 years take the time to give your plan a little care and attention to ensure your important decisions are up-to-date, as well as keeping in tune with any law changes.
Trust law changes can significantly impact your estate plan; however, we can’t forget about the saying “life happens” – births, marriages, divorces and deaths can also significantly impact your estate plan. Once your estate plan is completed, it is critical that you sit down with your estate planning attorney and review your plan every 2-3 years. A good review will ensure your plan continues to keep up with life and law changes.
For more information or to schedule a free consultation, contact our office today at 888.222.1328.
What the Attorneys of Morris Hall Can Do For You:
The attorneys at Morris Hall have 100’s of years of combined experience ensuring that families’ assets are protected from probate, unnecessary taxes, creditors, ex-spouses and Medicaid spend-down. The attorneys also help those in Arizona and New Mexico to apply for and receive Medicaid assistance and Veterans Benefits. 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.