Although there is no hard and fast rule on how often you should update your trust, conducting an annual review of the trust and asset schedule is recommended. In most situations, updates are typically needed every 3-5 years. Circumstances change. There will always be changes in the law – especially the tax laws. There are also going to be changes in your family situation or make-up and your assets will change over time. Being proactive is worth its weight in gold and will ensure your true intentions are followed down the line.
Below are just a few questions that may help you determine if it's time to have your trust reviewed.
- Have there been any major changes in your family? Births, deaths, marriages or divorces?
- Have you bought or sold any property? Have you refinanced the mortgage on your primary home or any other real property?
- Have you opened or closed any financial accounts, including bank accounts, investment, certificates of deposit or brokerage accounts?
- Has there been any significant change in your health status since your last appointment with your attorney?
- Do you have any unmarried children who have reached age eighteen or left for college in the last several years?
- Have you inherited any assets since your last review, or made any gifts exceeding the current gift tax exemption?
These are just a few situations you may want to consider before making an appointment for a trust review.
If you, a friend, or a loved one would like to have your current trust reviewed, please contact our Intake Department at 760-448-2220 or visit us online at www.geigerlawoffice.com/contact.cfm. We proudly serve families throughout California from our offices in Carlsbad and Laguna Niguel.