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When is it necessary to revisit the terms of a trust?

Anyone who takes the time to sit down with a legal professional to execute a comprehensive estate plan should be commended for investing the necessary time, money and energy into ensuring that their wishes are followed and their loved ones are provided for in the event of their demise.

As accomplished as a person should feel after taking this monumental step, the question naturally arises as to when — if ever — a person should plan to schedule an appointment to revisit and perhaps even revise their estate plan.

While there is, of course, no definitive answer as to when this should take place, experts do indicate that the need may not be quite as urgent where trusts are concerned.

Specifically, they are referring to those situations in which a person has accumulated additional assets since the trust was created and these new assets are not specified in its terms.

Here, experts indicate that people should be aware that the only assets that must be subjected to the lengthy — and sometimes costly — probate process are those that are titled in the name of the deceased as the sole owner and which are not otherwise left to a designated beneficiary. As such, they indicate that so long as these new assets are titled in the name of the trust, they should be able to avoid probate.  

It should be noted, however, that these same experts do indicate that people should go back periodically to examine whether the person they designated to serve as trustee is still an appropriate choice and/or whether the amount left to certain beneficiaries perhaps needs to be adjusted.

If you have questions or concerns about executing an estate plan or revisiting your earlier decisions, please consider speaking with an experienced legal professional to learn more.

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