According to a recent study, 66% of Americans have no estate plan to protect their assets. If you have a trust, it’s essential to review and update it regularly, to make sure it still meets your goals and objectives. It is believed that 20% of Americans with estate plans have updated it within the last five years.
A trust is like a car – it needs periodic maintenance to ensure it runs smoothly. Just like you take your vehicle in for regular oil changes and tune-ups, you should set an annual reminder to review your trust and make any necessary updates. This will help ensure that your trust remains effective and relevant over time.
When reviewing your trust, there are three key things to update:
Your current trustees
If you’ve named trustees, make sure that person is still the right choice. You may need to update your trustee if your circumstances have changed or if the original trustee can no longer fulfill their duties.
Assets
Review your trust to ensure all assets are appropriately titled in the trust’s name. If you’ve acquired new assets or sold assets since your trust was created, you may need to update your trust to reflect these changes.
Legacy planner
Consider using a legacy planner to help you review and update your trust. A legacy planner can help you identify any gaps or weaknesses in your plan and provide guidance on how to address them.
Remember, updating your trust is vital to ensuring that your wishes are carried out after you pass away. By reviewing and updating your trust regularly, you can help ensure that your legacy is protected for generations to come.
Please contact one of our estate planning team specialists for further information or assistance with your estate planning needs.
Note: Any changes to your estate plan must be drafted by your attorney.
About KROST’s Estate and Gift, Trust, and Probate Services
Our estate planning team assists with the transition of family wealth and estate succession. Our team of experts has over 90 years of combined experience working with family-owned and privately held companies, as well as high-net-worth individuals. Our primary goal is to assist individuals and their attorneys to effectively transfer wealth while minimizing unnecessary estate, gift, and generation-skipping taxes. In addition, we can coordinate all of your Trust, probate, and estate planning needs to ensure a smooth transition while minimizing emotional, tax, and administrative burdens.
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About the Experts
Douglas A. Venturelli, Esq.
Principal
Tax, Estate & Trust, Gift and Probate, Sports & Entertainment
Douglas A. Venturelli is a Principal at KROST. He has over 45 years of experience in tax, estate, and business services. His main focus is federal estate and gift taxes. Doug consults with clients in the entertainment, legal, real estate, and medical industries. » Full Bio
Richard Umanoff, CPA, MBA
Principal
Tax, Estate & Trust, Gift and Probate
Richard Umanoff is a Principal at KROST. Richard’s career spans over 45 years, with a concentration in taxation. His primary emphasis is estate and trust tax compliance, planning, estate administration, and probate court accounting. Richard currently serves in the role of trustee for numerous clients. » Full Bio