An out-of-date Revocable Living Trust might cost your loved ones valuable time and money. It may potentially:
- Ignite a family feud.
- Cause an increase in income taxes, estate taxes, or both.
- Force loved ones into court.
- Delay how long it takes beneficiaries (including your spouse) to receive their inheritance.
- Increase the fees and costs associated with settling your estate, leaving less for your spouse and heirs.
- Disqualify a special needs beneficiary from receiving benefits.
- Enable beneficiaries to blow their inheritance on expensive vacations, fast cars, and extravagant homes.
- Land your hard earned money in the pockets of a beneficiary’s creditors or ex-spouse.
On the other hand, a modern, up-to-date Revocable Living Trust will work the way you expect it to work when it’s needed, protect your assets and beneficiaries, and give you the peace of mind you deserve.
You may want to update your trust with an amendment or restatement when the following events occur:
- Got married.
- Have lost a spouse, parent, child, or other family member.
- Have children who are now in their twenties or thirties.
- Had a grandchild.
- Recently divorced.
- Moved to a new state.
- Purchased a second home.
- Sold a business.
If any of these events have occurred, its probably time to update your estate plan.