Estate planning can be complicated, but Seasons Law, P.C. makes it easy. Many people believe that if they had an attorney create an estate plan over 5 years ago, there is no reason to review and revise their documents. This can be problematic, and the reasons are as unique as you are. Some examples are:
- The Trust was not fully funded or assets have been removed and should be re-titled into the name of the Trust.
Since the primary purpose of a revocable living trust is to avoid probate, assets (bank accounts, personal property) should be funded into the trust. This is action required on your part once the trust is created. Often, assets grow or change over the course of time, and even institutions close or merge – have you reviewed your situation?
- Successor trustee unable to carry out responsibility.
At the time you created your estate plan, you chose a trusted relative or friend to carry out your wishes. Over time, people’s lives change and they may no longer be able or available to act on your behalf. Perhaps the person you selected has financial difficulties themselves and may no longer be the best choice as your trustee.
- Spouse or beneficiary change.
Have you remarried? Has your child divorced or had new children? Have your daughters married and now have different names?
Seasons Law, P.C. can help re-evaluate your documents. Contact us today for an initial consultation!
You did an estate plan years ago – no worries, right? Maybe not. was last modified: June 19th, 2020 by