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Home » Wills and Trusts » Have You Reviewed Your Living Trust Lately?

Have You Reviewed Your Living Trust Lately?

March 23, 2017 by Larry Parman, Attorney at Law

What You Need to Know About Financial Planning and Credit Scores

Once you have an estate plan in place, you may breathe a sigh of relief feeling as though you have put a significant responsibility behind you. Considering that so many people never take this step, you really have accomplished something significant when you take action for the well-being of your loved ones.

Having said this, it is important to recognize that estate planning is not a “one and done” endeavor. If you created a revocable living trust while a relatively young adult, as the years pass things in your life are going to change. These changes may trigger the need for  revisions to your estate plan.

People who created a trust 20 or 30 years ago may not even remember all the decisions they made. The trustee you selected could have passed away or become incapacitated. You may have acquired property over the years that you never conveyed into the trust.

The beneficiary or beneficiaries you chose then may not be the ones you you would choose today. What you want each person to receive may have changed, as well.

To make sure your revocable living trust and the rest of your estate plan are up-to-date, revisions are likely necessary. When significant life events occur that might render your existing estate plan obsolete, consult with your estate planning lawyer right away.  To have our experienced estate planning lawyers review your trust, contact our office at (405) 843-6100 .

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Larry Parman, Attorney at Law
Larry Parman, Attorney at Law
Founder and Owner at Parman & Easterday
After helping his own family deal with a lengthy probate and the IRS following his father’s untimely death in a farm accident, Larry Parman made a decision to help families create effective estate plans designed to reduce taxes, minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors.
Larry Parman, Attorney at Law
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Filed Under: Wills and Trusts Tagged With: attorneys list, Financial Planning, Social Security

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