Where funding a trust is important, and this article reiterates that point, it is also imperative – as the article notes – to review it. The article explains that, over time, things can change, such as your job or overall financial situation, for the better or for the worse. When changes happen, big or small, the article explains that it is important to update or alter your will or trust to reflect these changes. This is because if they are not reflected than they will not be counted in existing documentation which can lead to probate court.
Some points that the article identifies are to review title documentation, such as life insurance policies (and beneficiaries), investments that you may have made, changes in income tax laws, and to further your own education on the subject. The laws regarding estates, such as taxes and exemptions and which documents are needed change, not often, but they do. By reviewing your estate plan, you can prepare for, and anticipate, how these changes can and will affect your estate.
