-Most attorneys suggest that an estate plan should be reviewed every three to five years, or when a major life event happens. Mary Ann Tardiff is the Atascadero attorney who provides will and living trust services and has some tips to help people make changes to their will, living trust, and estate plan.
Things change, and reviews are critical to making sure the estate plan includes everything necessary. Changing a will and living trust doesn’t have to be difficult and preparing ahead of time can make it even easier. Keep in mind that changes to the will also mean changes to the living trust, and vice-versa.
What life changes mean it’s time to amend a living trust?
Living trusts, also known as revocable trusts, can be changed at any time for any reason. Significant life changes are good times to review the trust and make those changes. Life changes can include:
- Marriage or divorce.
- A name change.
- A new baby or adopting a child.
- Death of a beneficiary.
- Adding or removing a beneficiary.
- Changing the trustee or successor trustee.
- Changing the way the property is distributed.
- Adding or removing assets.
- Moving to another state with different inheritance laws.
Many other life events warrant updating a living trust. Questions about whether to update or not are best directed to an attorney. Anyone living in Atascadero or nearby can meet with wills and living trust attorney Mary Ann Tardiff for a consultation.
Why do life changes require a review?
Not every life change means a change to the trust, but some, like those mentioned above affect how assets are distributed. Selling real property, for example, means that the property is not long held by the trust and the beneficiaries are no longer going to receive any benefits from that property. It might be time to redistribute assets to make sure no one is left out. Likewise, buying real property would need to be transferred into the trust.
Another example is a divorce. There is most likely a reason to amend the trust to either remove the former spouse as a beneficiary or reallocate assets. It’s also a common practice to designate a surviving spouse as a trustee or successor trustee. Leaving a former spouse in that position may not be a good idea.
The death of a beneficiary is another reason to amend the trust and reallocate assets to those beneficiaries still living, or to the dependents of the deceased beneficiary.
How to amend or revoke a living trust
Here are some of the general steps for amending a trust:
- Make a list of everything that might affect the current trust. Take the list to the appointment with the attorney. This is the best way to make sure nothing important gets left out.
- Be clear about the changes to be made.
- When the changes are completed, be sure to sign the documents as required by law.
- Make and distribute copies as needed. For example, the trustee needs a copy.
- File the documents and amendments together in a safe place. Make sure those who need to know the location are informed.
Working with an experienced wills and living trust attorney, like Atascadero’s Mary Ann Tardiff, means getting the top advice possible. There are almost always legal implications to amending a living trust that the average layperson probably doesn’t know. There may be significant circumstances that make revoking the will or living trust and creating a new one the wiser and easier method.
Mary Ann Tardiff has been an attorney for over 30 years and is currently in private practice in the City of Atascadero, CA. She focuses on estate law, small business law, elder law, and consumer rights. Her vast experience as an attorney, commissioner, and judge pro tem, as well as her dedication to providing affordable and timely legal services, make her an ideal choice when seeking legal services.
Law Office of Mary Ann Tardiff
6907 El Camino Real, Ste A
Atascadero, CA 93422
(805) 451-6683