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Video about updating a revocable living trust:

How do you protect your home and transfer it under a Revocable Living Trust? - Shadi Shaffer; Esq.




Updating a revocable living trust

Updating a revocable living trust


Your feelings about giving them the power of life and death after you have likely changed since you did so. Regardless of life changes, you should make it a point to take a look at your estate planning documents, including a living trust, every two to three years to see if you can identify anything that needs to be updated or changed. In most situations you will use a revocable living trust as the owner of almost all of your property. There is a good chance that the original structure of your trust is no longer applicable for you and your family. Rather, the focus and structure of estate planning today is very different. Updating Names If you go through a divorce or get married while owning a living trust , your change in marital circumstances will also require you to modify the trust. Routine and required maintenance has been done for the car over the years, including new tires, new brakes, oil changes and related work. You should update your living trust whenever you have a major life event that will have an impact on whom you want to inherit from you. Even though your brother might be able to perform the duties of successor trustee while living in Florida, you might consider naming a new successor trustee who is located closer to you and the trust property. You may also be interested in: In a divorce, for example, the trust property will likely be divided between you and your spouse.

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Updating a revocable living trust. How Often Should I Update my Living Trust and Will?.

Updating a revocable living trust


Your feelings about giving them the power of life and death after you have likely changed since you did so. Regardless of life changes, you should make it a point to take a look at your estate planning documents, including a living trust, every two to three years to see if you can identify anything that needs to be updated or changed. In most situations you will use a revocable living trust as the owner of almost all of your property. There is a good chance that the original structure of your trust is no longer applicable for you and your family. Rather, the focus and structure of estate planning today is very different. Updating Names If you go through a divorce or get married while owning a living trust , your change in marital circumstances will also require you to modify the trust. Routine and required maintenance has been done for the car over the years, including new tires, new brakes, oil changes and related work. You should update your living trust whenever you have a major life event that will have an impact on whom you want to inherit from you. Even though your brother might be able to perform the duties of successor trustee while living in Florida, you might consider naming a new successor trustee who is located closer to you and the trust property. You may also be interested in: In a divorce, for example, the trust property will likely be divided between you and your spouse.

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3 thoughts on “Updating a revocable living trust

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