Revocable Living Trust: Six Point Yearly Checkup
It is a good idea to review your Living Trust and Schedule every year. Life changes rapidly and we have seen too many cases where an ex-spouse or deceased relative is still named as Successor Trustee of a Trust! Make sure that your documents reflect what your current wishes are. It does not take long to review your documents, make an appointment with yourself every year to glance over who you have named in each document. The end of December or beginning of January is a great time of year to make resolutions and review your direction and your estate plan!
1. Make sure the names and birthdates of your children (if any) are correct.
2. Make sure your list of beneficiaries is correct.
3. Make sure your successor trustee and alternate successor trustee is correct.
4. Make sure your family names, personal representatives, and the guardians for your minor children and listed correctly.
If any of the above needs to be changed or updated, you will need to make an amendment to your trust. Remember to NEVER write on your trust document or your pour-over will.
5. Check your List of Trust Property. Are all your assets listed? Have any accounts been closed or items sold? You MAY WRITE on this document. Be sure and keep the schedule of assets current, noting dates of sale with your initial, writing in any new additions that have been funded into the trust's name, crossing out and initialing those that have been sold or changed. Once a year you may choose to retype this list.
6. Check your List of Current Addresses.
Finally, if you do not yet have your Revocable Living Trust, start it now! It is the foundation document of preserving and building your personal wealth.
Related Tags: power, trust, protect, asset
Visit StevenAllen.com for tips and tools on Wealth Preservation. You can also subscribe to his monthly newsletter Secrets to Wealth Preservation. Steven W. Allen has been an Estate Planning attorney for over 30 years. He has authored four books including the soon to be published You Can't Take It With You...So How Will You Leave It Behind?. Download a free chapter at EstatePlanningDr.com
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