Let’s say you took care of your estate planning several years ago. Since then, life has gone on. People may have come in and out of your life. LIfe events may have changed your perspective, your priorities and your feelings toward your friends and loved ones.
Fortunately, your estate plan does not have to stay the way you drew it up so many years ago. For example, if your plan includes a revocable living trust, you can change who your successor trustee will be after you pass away, and the assets contained in the trust. Just as importantly, you can change who the trust’s beneficiaries will be, and what they will receive out of the trust.
Why people in western New York amend their revocable living trusts
Some reasons to consider revisiting the terms of your revocable living trust include:
- The birth or adoption of a child
- Changes in your financial situation
- You have moved to a new state
- One or more beneficiaries has died
These sorts of events happen to virtually everyone over time. When they do, you may not think of your estate plan. That is why it’s wise to review your entire estate plan every three to five years. You might be surprised who you named as a beneficiary to your trust.
If you don’t update your trust now, there is always the chance that you will pass away without ever having gotten around to it. Some or all of your wealth could go to someone, like an ex, you no longer have a relationship. The people who matter to you now could be left out of your estate entirely.
Get help updating your estate plan
Investing a little time now can help you avoid such an unfortunate result. An estate planning lawyer can help you review the documents and make the changes you need to keep your plan up to date.