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 or (913) 385-9400.