There are several reasons why you should update your existing trust or perhaps your entire estate plan. While estate planning documents do not necessarily have a shelf life, they may not fulfill your goals when your circumstances change. Of course, having estate planning documents that are up-to-date is critical, but how do you know when you should make changes?
It is important to note that just because you have a trust in place does not mean you are bound to keep it as is; this is even true if the trust was inherited from someone else. Indeed, there is more than one way to make necessary changes: sometimes you can establish a new trust or simply revise the terms of an existing trust. Finally, making changes to an existing trust – and other estate planning documents – can help you save money and costs, and it may allow you to make better investments decisions. Read More