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4 times you should review your living trust

4 times you should review your living trust.jpgIt's a smart idea in life to have a living trust. It's an even smarter idea to review that living trust every so often. How often should you review the contents of your trust? This is an interesting question that brings with it a four-part answer. There are four very important things that happen in life that should force you to review your living trust.

When your grandchildren are born, you should review the trust. This includes updating allocations to each grandchild as you see fit as they age. The same can be said if you have a trust early in life and then you have kids of your own. Review the trust at that point, too.

If your health, or the health of your spouse,, has taken a bad turn, you should review and then update the trust. This will ensure that there is money in the trust for health care needs.

Have you sold or bought new property recently? You don't necessarily have to update the trust each time you buy or sell property, but you should make sure you hold the title to the property correctly. All you need to do when acquiring new property is put the name of the property in the trust.

If none of these life events occur for a couple of years, it's best to sit down for a trust review every three to five years. A review will help you notice any changes that need to be made that might be minor in nature.

When you sit down to review your living trust you should do so with your family law attorney present. It will make the review easier and you can make any necessary changes right then and there.

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