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 the fact that so many people do not take this step you have accomplished something significant when you take action for the well-being of your loved ones.
Having said that, it is important for you to recognize that estate planning is not a “one and done” endeavor. If you create your revocable living trust as a relatively young adult, things in your life are going to change over the years. These changes may trigger the need for estate plan revisions.
People who created a trust 20 or 30 years back probably don’t remember all the decisions they made. The trustee you selected could have passed away or become incapacitated. You may have acquired personal property that you never conveyed into the trust.
The beneficiary or beneficiaries you chose back then may not be consistent with who you would choose today. And 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 all up-to-date, revisions are likely to be necessary. Connect the dots when life events occur and consult with your estate planning lawyer when something happens that might render your existing estate plan less appropriate, less effective or obsolete.