Updating Your Trust

With a new year, we tend to think about getting things done that we have put off in the past.  Among other things, it’s also a good time to consider updating your trust or set up a trust, or write a will, or get that healthcare directive.  Significant life events that occurred last year may require making changes sooner than later.  By answering a few simple questions, your answers may reveal that now’s the right time to get some very important estate planning documents in place.

Which life events occurred last year?

1.   Did you get married?
2.   End a long-term relationship?
3.   Buy a new home?
4.   Invest in real estate?
5.   Start a new business?
6.   Did a loved one pass away?
7.   Do you have a new grandchild?
8.   Additional family members?
9.   Is there someone you want to disinherit?
10.   Do you want to forgive a debt when you pass away?
11.   If you have a trust, is your trustee still willing to serve?
12.   Do you believe your marital estate will be worth over $22M when you pass away?
13.   Inherit property that you want to keep as separate property?
14.   Does an adult child need financial help in the future?
15.   Are your adult children able to serve as your trustees?

If you answered YES

to any of the above questions, you may want to update your existing trust or create a trust to protect your family and avoid having to pay federal estate taxes and costly probate.  Having the right trust in place makes all the difference when it’s time to distribute your estate and care for your loved ones.

If you answered NO

to any of the above questions, then ask yourself these questions:

1.   If you have a will, is your Executor still willing to serve?
2.   Do your agents still want to serve as your powers of attorney?
3.   Do you want help with financial matters when you no longer can do it on your own?
4.   Is your Advanced Healthcare Directive in place for that upcoming surgery?
5.   Does Fido need someone to care for him?
6.   Do you have the right documents in place to avoid probate?
7.   Does your family know your final wishes?

If you answered YES or NO or you are unsure

to any of the above questions, then this may be a good time to update or create your estate planning documents.

Essential estate planning includes:

• Revocable Living Trust
• Last Will and Testament
• Durable Power of Attorney for Finance
• Advanced Healthcare Directive
• Property Transfer Deed

Updating your trust and other documents is essential to make sure your property passes smoothly to your loved ones.  Also, making sure your trust is funded properly may avoid probate.

If you don’t have any of these documents in place or you want to update your current documents, we can help.  We provide documents written by attorneys at affordable rates. Give us a call at (805) 439-0715

This content is general knowledge and can be found on any bookshelf in a public library or bookstore in California.