How often should you adjust and update your trust in San Diego? Once an estate plan is generated and your trust(s) are established and funded aren’t you finished? The simple answer is no. Life changes. Finances change. The behavior and needs of your heirs and beneficiaries change. The value of assets, investments and accounts change. Tax laws change. Estate laws are a constant source of discussion in Washington DC. Life simply isn’t stagnant, and neither is your estate plan or trust.
Most experts agree it is important for you to adjust and update your trust in San Diego every 2 to 3 years. The experienced estate planning and trust attorneys at Allen Barron and Janathan L. Allen, APC will efficiently review and update your estate plan and trust(s) if necessary. We discuss changes in your life, and the directions and plans contained within your estate documents and trust directives.
In the classic revocable A-B trust (used extensively throughout San Diego and California for years) when the first spouse passes, half of the couple’s assets are placed into an irrevocable trust. The surviving spouse may not have needed access to these funds or assets. Your estate may need to be updated to provide more flexibility for the surviving spouse to determine what percentage of assets will be needed.
This is especially true in blended family scenarios. The first spouse to pass may wish to ensure their own children receive a specific portion of their estate. If the surviving spouse remarries, a properly structured trust may allow the new spouse to drain financial resources or allocate them to their own children instead of the heirs of the first spouse. These are sensitive issues that require an experienced estate planning and trust attorney.
You should adjust and update your trust in San Diego every 2 to 3 years. We invite you to contact Allen Barron or call us today to schedule a free consultation at 866-631-3740. Learn about changes in the law, and ensure that your wishes are protected.