A revocable living trust is an estate planning tool that documents the management of your assets after your death. Examples of assets to put in such a trust include:
- Valuable personal possessions
- Real estate
- Bank accounts
Some trusts do not allow you to make changes once they have been set up. However, if you create a revocable living trust, then you can update this document in accordance with any important changes in your life circumstances. In the following section, we have described several examples of life circumstances that may require changes to your living trust.
- You get married, divorced or remarried
- You have new family members such as children or grandchildren
- You are about to retire from your career
- Individuals named in your living trust have died
- You have valuable new assets to add to your trust
- You decide to retire to a new state or country
- Your health and physical wellbeing have changed
Our San Jose, California, estate planning attorneys suggest reviewing your trusts frequently to ensure that they represent your current wishes. Frequent evaluations can alert you when it is time to update your estate planning documents. If you should die while your outdated revocable trust is in place, there exists a chance that your final wishes will go unfulfilled.
Updating a revocable trust is not a difficult task. An experienced legal advocate can make it even easier by guiding you through the process and addressing any formalities that may arise. If you would like to learn more about keeping your trust and other documents current and effective, continue exploring the information on our website and blog.