Top Ten Signs Your Trust Needs to Be Updated by a Living Trust Attorney
WHEN SHOULD YOU UPDATE A TRUST?
Have you waited too many years to update your will or trust? How do you know if you have waited too long to update your will or your trust? These are the changes that should make you think about updating your will or trust:
1. A death of a spouse, child or other beneficiary of your will/trust;
2. A birth in the family;
3. A divorce/separation (or a close possibility of one) in the family;
4. A marriage in the family;
5. A child has reached the age majority (18);
6. Adoption of a child or grandchild.
1. A substantial increase in the size of your estate (i.e. an inheritance);
2. A substantial decrease in the size of you estate;
3. Gifts of over $14,000 to any person;
4. Lawsuits and/or Judgments against you;
5. Depletion of a specific gift you had previously left in your will/trust;
6. A change in financial responsibility of a child or grandchild;
7. Acquisition/disposition of a business partnership or corporation.
1. A serious illness or deterioration of health of either spouse;
2. A serious illness of a child or grandchild who is a beneficiaryof your will/trust;
3. Disability of a child or beneficiary.
1. Death or health change of an executor / trustee/ or agent under a power of attorney;
2. A change in your relationship with your executor or trustee;
3. If you have not reviewed your will or trust since 1986 for changes in the tax rules.
4. An expiration of your old Power of Attorney documents (pre-1992 documents generally expired in 7 years from signing.
5. A change in your business partner’s marital status, or health.
Why hire us?
Mina Sirkin is a nationally recognized probate attorney and has served as a media expert to CNN, MSNBC, Inside Edition, NPR and KTLA regarding probate and estate matters. She is Certified as a Specialist by the Board of Legal Specialization of the State Bar of California, in Probate, Estate Planning and Trust Law. Mina Sirkin is rated 10/10 on Avvo. Sirkin Law Group’s Los Angeles Trust Attorneys can assist you and your loved ones. Call: 818.340.4479.
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