Update Your Living Trust

A very important question I'm asked all the time is, 

"how often should I update my trust?"

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When should you update a living trust?

It's a very good idea to update your living  trust  or your California estate plan every few years or after a significant life event change such as divorce, death of a family member, marriage, the birth of a child and or a grandchild, or adoption.

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I would like to stress that a trust should be reviewed by an attorney regularly.  It is normally up to you to make sure it is updated.  No matter what, a living trust should be reviewed every 3 to 5 years by an experienced trust attorney.  For most trusts, a review every third year is acceptable.    Most of the time a review of a living trust takes about one to two hours for a typical trust under  two million.  This includes the Durable Power of Attorney and Health Care Directive.  The cost to review the trust  is nominal with a complex trust review a little more depending on the contents.    However, if  my office prepares the updated documents,  75% of the review fee applies to the cost of the redraft of a trust package.  So most of the review fee is used as a discount towards your new or amended documents which could include updating your Power of Attorney and Health Care Directive.

If one of the following events occur,  you should have your trust reviewed.

• After a death of a beneficiary.

• A change in your marital status or pending change in your status.

• The birth or adoption of a child.

• Moving to another state.  Different states may require you to      have  a new trust.

• A significant change in your income or ability to earn.

• After the death or incapacity of a named trustee.

• Should be reviewed at least two weeks before any major operation or cancer treatment.

• If you purchased any real estate and the property was not put directly into the trust.

• Over age 70 or if the trustee is having more than just minor health issues.   

• Upon marriage of a beneficiary.
• If there is a trust need to be set up to take care of a person with special needs.
• A new marriage or change in how you want to leave any assets.
• If you inherit assets, your trust should be updated.
• Change in real estate ownership.

You need to reevaluate what your trust indicates about your wishes from time to time.  You  may find that you have changed your mind about who you want as a trustee of your estate,  or who you may want to receive more or less of your estate.

Update your  power attorney, change trustee of your estate. You need an attorney

One of the most common changes is changing the trustee.  You might want to change it from one of your children to another since one has moved out of state and it would be difficult to manage it.  You might have had your spouse listed as the trustee but he or she might not be able to manage it due to uncertain health problems.  You might have had selected joint trustees but now you feel that this will no longer be desirable. There are many reasons a trust should be updated and it is not uncommon to update it every three to five years.  Do not cross off any names on your original trust!!!!  Your trust needs to be amended!

This also applies to updating your health care power of attorney.  Perhaps you selected one of your children who now cannot carry out their duties because that child has moved to another state.   Perhaps the trustee was divorced or is having problems in their own life.  It might be a good idea to change how that person is paid to protect the assets that person will receive.

Your should always update your living trust after any  Significant life events, divorce, death, birth, or substantial change in in your life. Marriage, death, a child or even your children getting married.

El Cajon Trust Planning Attorney  

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