Changing Your Trust
Once your estate plan is in place, can you change it? What if you want to appoint another beneficiary or remove one? Perhaps you’ve changed your mind about your Advanced Healthcare Directive or you want someone else to have your Power of Attorney. Let’s examine how you can affect changes to your estate plan after it’s been created.
One of the best reasons to create a living trust is that they are known as “revocable”. To revoke means to to take back or withdraw; annul, cancel, or reverse; rescind or repeal. The flexibility of this type of document is what makes it an attractive option for creating your estate plan. You can change a living trust at any time or cancel it altogether if you like.
This is good news for anyone who has doubts, uncertainty, or, as sometimes happens, a difficulty with a friend or a falling -out with a family member. People get married, divorced, have children, have grandchildren. We buy and sell property, dissolve business partnerships and all manner of situations occur that can affect our plans for our heirs and beneficiaries. Life is fluid and ever-changing and we never know when life events will require us to plan for a different kind of future. Whenever there is a life event, you should amend your living trust to reflect how that will impact your wishes for the final dissolution of your estate.
As a matter of fact, U.S. Wills and Trusts recommends that clients review their estate plan on a regular basis to make sure that all needed changes have been made, and that this crucial living document is amended to continue to reflect the client’s current financial and personal wishes.
When you’re ready to create your comprehensive estate plan, or review your current plan, contact U.S. Wills and Trusts. http://www.uswillsandtrusts.com . With this service, you can have unlimited talk time with a knowledgeable attorney to answer your questions about the plan you want to make for your family’s future. Call to get started at 714-584-7492 today.