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 doesn't take long to review your documents...
Step 1: Renew Regularly
Now that you have your revocable living trust in place 's a good idea to review that trust at least every year. You want to make sure that everything is up-to-date and the way that you want it to be. It's amazing how often we see a trust where they still name a deceased spouse or a fallen out of favor brother-in-law as the successor trustee and you don't want that to happen with your trust.
Step 2: Review Your Policy
So there are some items that you should check from time to time. You might want to make an appointment with yourself and tell yourself every year, maybe at the first of each year or on the anniversary date of your living trust; you're going to review things to make sure that they're just right.
Step 3: Questions To Ask
Some of the things you'll want to look at are the names and birthdates that you have listed in the trust and in the foreover will. Have you had any new children since the trust was established? Are all the beneficiaries put the way you want them? Have you named each and every one of the beneficiaries or has somebody been excluded or is somebody there that you don't want to mention any longer? Do you still have the proper successor trustee and alternate successor trustee?
Step 4: Make The Changes
These are the ones that seem to change the most often. Someone that you may have wanted in the past may not be might not be suitable any longer. Have you listed all the family names and the names of personal representatives, the names of guardians of any minor children? Are all those correct now?
Those things, if you need to make any changes in any of those, should be done by an amendment to the trust. Don't write on the trust document itself. Now you need to also review the list of the trust properties. These are the assets that are in the trust. This changes from time to time as your assets change and so your schedule of trust property should be changed with the changing of the assets.
Step 5: Financial Information
So look at this list and make sure it's up-to-date. Do you have the current bank accounts on there? Investments accounts, any real estate? Has anything been added or subtracted since you last did this list of personal property?
Step 6: Personal Information
Now on this list it's all right to just write on that because it's not a signed document; it's information. In addition to all of those items you'll want to check the list of current addresses and make sure they are up-do-date, that everyone could be contacted that needs to be contacted.
If you'll do this at least once a year you'll feel comfortable and know that your trust is always up-to-date. For more information go to livingtrustdoctor.com
