Is It Time To Revisit Your Trust?
After completing your Indiana estate planning, many individuals experience a sense of relief. Knowing that your assets and beneficiaries are taken care of provides peace of mind. However, estate planning is an ongoing process that should be revisited about every five years or after significant life changes. Working with an experienced estate planning attorney near me can ensure that your trust remains up to date and aligned with your goals.
Major Life Events
Changes such as marriage, divorce, death, or the birth of a child often prompt individuals to update their estate plans. For instance, a trustee may need to be changed after a divorce, or a beneficiary may need to be added or removed due to a change in life circumstances. Additionally, a minor named as a beneficiary may now be an adult, and their needs or your intentions might have changed. A divorce mediation lawyer or family law attorney can guide you through these changes, ensuring your trust and estate plan reflect your wishes.
Trustee Changes
If your current trustee passes away or is no longer capable of managing the trust, you’ll need to name a successor trustee. It’s also wise to update your trust if the trustee becomes ill or if you wish to appoint additional trustees. Whether you need to choose a new trustee or make other adjustments, consulting with an experienced real estate attorney Indianapolis can help ensure the smooth management of your estate.
Change in Estate Value
Changes in your estate’s value either a significant increase or decrease can have a substantial impact on your trust. For example, if your assets increase, you may need to update the beneficiaries or amend the distribution structure. On the other hand, if your assets decrease, you might need to reassess your intended beneficiaries or remove individuals from the trust. A probate attorney near me can help guide you through these updates.
Relocation
Moving to a different state can affect how your trust operates. While state laws are generally similar in handling estate planning matters, there are key differences that could affect your trust. If you’ve recently moved to Indiana, it’s important to work with a local estate planning lawyer who understands Indiana’s estate law to ensure your trust complies with local legal requirements.
Law Changes
Changes to state or federal trust and tax laws can impact your trust and estate plan. Regularly reviewing your trust with a trust attorney or estate planning lawyer can help ensure your estate plan remains legally sound and up to date with any legislative changes.
Approaching Age 70 ½
If you have an IRA, 401(k), or another type of retirement plan, you must begin taking required minimum distributions (RMDs) when you reach age 70 ½. These distributions may alter the amount of funds available to your beneficiaries and impact your trust. A Carmel Indiana estate planning lawyer can assist you in adjusting your trust or estate plan to accommodate these changes.
Protect Your Future with a Comprehensive Estate Plan
At Webster & Garino, we specialize in estate planning in Indiana, offering you expert advice on trusts, probate matters, and estate law. If it’s been a while since you reviewed your trust, it may be time to make updates. Contact us today for a full review of your estate plan. Call (317) 565-1818 or email us for a consultation.
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