Perhaps it has been awhile since your living trust was prepared. Has anything changed? Births or deaths of children? Trustees or executors? Marriage or divorce of adult children? Risky behavior on the part of your children? Changes in the makeup of your financial assets?Many changes can affect your current estate plan. Additionally, all assets that you have acquired subsequent to the formation of your trust must be put in the trust’s name. If you take title to property in your own name at any time without disclosing the trust, you will undo the trust to this extent and risk having that asset(s) go through probate.
Bear in mind that a trust can only be changed by a formal amendment. A simple note in the margin of your document, or striking out of words, even next to your signature, is ineffective!
The Security Legal Services Trust Clean-Up and a Review of your Estate Plan ensures you will still accomplish your goals for the transfer of wealth to the next generation.
Remember, a Living Trust is only as good as it is kept current!