REVIEWING THE TRUST PLAN
The Best Estate PlansEstate plans should be reviewed to ensure the strategies used when your plan was drafted still align with your current situation. This applies to Wills, Trusts, Health Care Directives, Powers of Attorney and Living Wills, beneficiaries, and trustees.TrusteesAssess whether or not the individuals named as executors, trustees or guardians are still in good standing to assume these roles. If they are not, others should be named.Beneficiaries and Other ModificationsConsider the terms and parties to trusts set up for minor children who have now grown to adulthood, perhaps with children of their own? Perhaps you’ll want to change those trusts to include grandchildren.
Necessary Trust ChangesHave there been changes to assets, business, jobs, graduations, marriages, divorce, health, or have you acquired property or other assets that need to be placed in a trust? Protection does not happen automatically; you must transfer each asset to each trust during your lifetime.Does your estate plan comply with current estate tax laws? Even if it does, it should be reviewed with an eye toward changes that are expected, court opinions, and the economy. See more...
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