Make sure your trust is updated regularly. Tax laws, family circumstances and financial situations are always changing. The living trust you create today may not be appropriate for you in five or 10 years, and the choices you have made with regard to trustees and guardians may no longer meet your needs. For these reasons, it is important to review your living trust with your attorney at least every three years.
In addition to considering a revocable living trust, make sure you have a will, a living will, a health care power of attorney and a durable power of attorney for financial matters in place.
We hope our website has answered many of your questions about living trusts. Here are some actions to take to learn more about this estate planning tool.
- Set up a meeting with your estate planning attorney to determine whether a living trust is right for you.
- Learn more about giving back through your will and living trust.
- Contact Vic Hines at 806-744-1500 or firstname.lastname@example.org with any questions you may have about naming the Children's Home Foundation in your living trust or other estate plans.
- If you'd like to remember the Children's Home Foundation after your lifetime, share our bequest language with your estate planning attorney. The official bequest language for the Children's Home Foundation is: "I, [name], of [city, state, ZIP], give, devise and bequeath to the Children's Home Foundation [written amount or percentage of the estate or description of property] for its [unrestricted or restricted] use and purpose."
Getting Started | Pros and Cons of Living Trusts | Living Trusts Q&A | Assessing Your Needs | Case Study | Choosing Your Trustee | Do You Still Need a Will? | Action Items
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The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.