How to Keep Your Trust Updated, Part 2
Last time, we spoke about the importance of keeping your trust updated, from avoiding an unfunded trust to reviewing the trustees. Let’s take a look at more tips.
Your Trust Being Signed More Than 10 Years Ago
In Part 1, we talked about the dangers of unhealthy trusts having been signed more than 20 years ago. But even 10 years can be a big risk, as there are very likely to be laws and circumstances that should be responded to made to correspond with your current goals.
Accidentally Inhibiting Access
Your trust may create an unnecessary tax shelter when you or your spouse dies that could inhibit your access, or your spouse’s access, unnecessarily.
Not Being Confident that the Trustees Are Reliable
Have you lost faith in the Trustees for whatever reason? Make sure you leverage Trustees you have a substantial amount of faith in.
Aligning Successor Trustees
Is there a mechanism for the appointment of successor trustees? Frequently there isn’t. What happens if your trustees pass?
Figuring out which documents and planning tools you need — right now and for the future — can be confusing and overwhelming. Use our interactive diagnostic tool to find clarity on your next best steps.
