Do I need to update my trust when I open a new bank account or buy another piece of real estate?

In most cases, no. As long as you didn’t list a specific asset to be given as a specific bequest and then sold it to create a new bank account our buy a new piece of real estate, you don’t normally need to update the trust. You simply need to update the Schedule of Assets at the back of the trust. The new asset should also reflect the trust as the owner of the new asset. However, note that if the acquisition of the new asset puts you over the Federal Estate Tax Exemption amount, you may need to update your trust and/or do some advanced estate planning (think inheritance – i.e., you inherit mom’s house, dad leaves you his bond portfolio, you win the lottery, etc.).