Only one thing is certain…. Change.
If you already have a trust set up, you want the peace of mind that it is updated and reflects your current wishes.
As long as you are living and able, you can modify your Revocable Trust.
Is Your Estate Plan Out-of-Date?
- Do you want to change the Trustee, the person in charge of managing the Trust?
- Do you want to change your beneficiaries, those who receive your assets? Or how or when they would receive them?
- Have there been changes in the needs and circumstances of your beneficiaries?
- Has there been life changes or changes in your relationships? A birth, death, marriage or remarriage?
- Do you have a loved one with a disability or who needs protections around receiving money?
- There have been changes in the Tax and Trust Laws and changes in estate planning “techniques” that do impact older plans.
If you’ve experienced changes in your own wishes, or if it’s been more than 3 years since you updated your estate plan, you would likely benefit from a comprehensive Estate Plan Review.
At your Estate Plan Review meeting we will sit down and have a conversation; we begin with your current plan and discuss what you like about that plan and what you would want to see different than the way things are currently. We listen and then we can make recommendations.
Sometimes, the person who sets up a trust can't modify it - either because that person is now disabled, incompetent or has passed, or the trust itself is "irrevocable."
In any of those cases we can meet and determine whether a trust modification or reformation is still possible.
Often, there are ways to effectively reform or modify the trust, some of which may involve a private agreement between the trustees and beneficiaries, and others that may require court involvement. We may find a solution that works best for you.
If you are already a client of Morgan Law Group we provide a no-charge review meeting of your plan every three years.