5 Reasons to Revisit Your Living Trust Before Year-End
Ensure Your Living Trust Still Protects the People You Love
A living trust is one of the most effective ways to safeguard your assets and streamline the transfer of property to loved ones. But like any part of your financial life, it isn’t “set it and forget it.”
Changes in your family, finances, or even the law can affect how your trust functions. Revisiting your living trust before the end of the year helps keep it current and aligned with your wishes. Think of it as an annual check-up for your future peace of mind.
1. Your Family or Financial Situation Has Changed
Major life events, such as marriage, divorce, a new grandchild, or the loss of a loved one, can all impact your estate plan. If your living trust hasn’t been updated recently, it may no longer reflect your current relationships or assets.
Consider reviewing your trust if you’ve:
- Welcomed new family members or experienced a loss
- Acquired or sold property or investments
- Changed your charitable giving goals
- Appointed (or wish to appoint) new trustees or beneficiaries
An experienced living trust lawyer can help ensure your trust accurately represents your wishes and provides clear instructions for your family.
2. Your Assets May Not Be Properly Titled
Even the best-drafted trust won’t work as intended if your assets haven’t been properly transferred into it. Property deeds, financial accounts, and other assets must list the trust as the owner to be covered by its protections.
If assets remain in your name instead of the trust’s, they could still go through probate, defeating one of the main purposes of having a living trust in the first place. A quick review can confirm that everything is titled correctly and ensure that no asset is left out.
3. Your Trustee Choices Need Updating
Your chosen successor trustee plays an essential role in managing your trust if you become incapacitated or after your passing. Over time, the person you once chose may no longer be the best fit, perhaps they’ve moved, become ill, or are no longer available.
Revisiting your trust gives you the chance to confirm that your trustee choices still reflect people you trust completely and who are prepared to handle the responsibility with care.
4. Tax Laws and Estate Planning Strategies Change
Estate planning laws don’t stay the same for long. Both federal and Massachusetts rules around estate taxes, inheritance, and probate can shift from year to year, sometimes in ways that directly affect your living trust.
Meeting with a living trust lawyer serving families in Natick, Northborough, and Southborough is a smart way to make sure your plan reflects the latest updates and opportunities. During your review, you might:
- Check for Massachusetts estate tax changes that impact your trust
- Adjust for federal exemption updates or new planning strategies
- Explore gifting and charitable options to support loved ones or causes you care about
Even small updates can make a big difference in how your assets are preserved and passed on to future generations.
5. Peace of Mind for You and Your Loved Ones
Beyond the financial and legal benefits, reviewing your living trust offers something invaluable peace of mind. Clients often tell us how relieved they feel once their plans are reviewed and updated.
At Kristine Romano Law, we take pride in creating a comfortable, supportive environment where you can ask questions freely and walk away feeling confident that your family and your future are protected.
Key Takeaways
- Review your living trust annually, especially after major life or financial changes.
- Confirm that all assets are properly titled in the name of your trust.
- Reevaluate trustee selections to ensure they still fit your circumstances.
- Stay informed about tax and estate planning updates.
- Work with a compassionate living trust lawyer to keep your plan up to date and your loved ones secure.
Review Your Living Trust Today
Need help reviewing your living trust before the new year? At Kristine Romano Law, our team guides Massachusetts families through every step of the estate planning process with clarity, care, and respect. Contact Kristine Romano Law today to take the next step.
References: Yahoo Life (Jan. 10, 2022), “Why You Should Put Your House in a Living Trust” and FedWeek (May 9, 2019), “The Basics of Trusts”
