When Should I Change My Living Trust?
A living trust should be reviewed after significant life-changing events. Revoking or amending a revocable living trust can be done at any time and allows you to maintain control over your assets.
A living trust often referred to as a revocable trust, should be reviewed regularly for significant life changes including:
- Marriage or divorce
- Birth or adoption
- Change or death of a beneficiary
- Change of death of a trustee, executor, or successor
- Acquiring new property
- Moving to another state
This list is not all-encompassing. There are other situations that may require changing your living revocable trust. Revocable living trusts become irrevocable upon the grantor’s death and generally can no longer be changed. Reviewing and amending your living trust is critical for the success of your overall estate plan. Discuss your circumstance with a trusts and estates attorney at Carlson & Work.