Having a living trust in place may give you peace of mind, but does it ever need to be updated? The honest answer is nothing is built to last forever and your living trust needs to be maintained just like anything else. Your trust is a reflection of (1) your (2) wishes about your (3) property conveyed in a (4) legal manner. Many things might have changed to affect this.
(1) Who "you" are might have changed.
You might have been through a divorce
You may have gotten married
Your spouse may have passed
Your health or your spouse's health may be declining
If you chose another person as trustee their situation may change
(2) Your Wishes may have changed.
It may be as simple as you feel differently now
may have been children born
financial changes
minor becomes an adult
(3) Your property may have changed.
May have changed up or down
(4) Laws may have changed
New taxes law changes
You may have moved to a new state with different laws
A living trust is a great tool to manage your assets, but as time goes on many things can change and it is important to make sure it is up to date.
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