Is It Time To Revisit Your Trust?

Most people feel a sense of relief after they complete their Indiana estate plans. Knowing that you’ve made arrangements for your assets and beneficiaries likely comforts you. However, to protect your interests fully, you should review your trust and other estate plan elements about every five years. Estate planning in Indiana is often an ongoing process. Many issues, like significant life events, estate law changes, changes in the value of your estate, or relocation, could require you to update your trust documents.

Major Life Events

 Marriage, divorce, death, and birth represent typical events that might prompt you to remove or add beneficiaries. As the years go by, minors named within your trust as beneficiaries could reach adult age. This change in status could alter your original intentions for a trust. You also might need to adjust a trust to reflect the needs of a beneficiary who develops a severe disability, falls prey to an addiction, or becomes mired in debt. 

Trustee Changes

 The death of an existing trustee naturally shifts responsibility to the successor trustee. Even the illness of a trustee could motivate you to name one or more successor trustees or replace the current trustee. 

Change in Estate Value

 A significant rise or fall in the value of your assets likely affects the function of a trust. The loss of assets might eliminate a beneficiary’s inheritance. Alternatively, the acquisition of assets means that you need to account for them within an estate plan. A Carmel Indiana estate planning lawyer at Webster & Garino can inform you about the consequences for your trust after a change in estate value. 

Relocation

 State laws handle estates in largely similar manners, but differences remain among the states. A Carmel Indiana lawyer can help you update a plan to comply with local state laws. Failing to review your estate plan after moving into Indiana could undermine your estate planning objectives. 

Law Changes

 Changes to state or federal trust or tax law could affect your trust. Having a Carmel Indiana estate planning lawyer review your plans occasionally could alert you to important issues. 

Approaching Age 70-1/2

 If you hold an IRA, 401(k), or another type of qualified retirement plan, you’ll have to start taking distributions when you reach age 70-1/2. These distributions might reduce funds that you had set up to go to a beneficiary. 

 At Webster & Garino, we provide estate planning in Indiana. Our guidance can help empower you to protect your assets and achieve an efficient transfer of wealth. If you have not looked at your trust lately, contact us today for a full review.

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