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You want to ensure that the trust is current with the law and is still in keeping with your intent for your beneficiaries.
A trust is a legal relationship in which a person or trust company holds property for his or her own benefit or that of another person, called the beneficiary.
Trusts can be revocable or irrevocable. A revocable trust can be changed at any time by the person who created it. An irrevocable trust can’t be changed or terminated before the time specified in the trust.
You should review your estate plan anytime there’s a change in the family or your assets, said Marvin Blum, an estate planning attorney in Fort Worth, Texas.
“Our rule of thumb is to review the plan at least once every four years,” Blum said. “So we encourage our clients to review their plans each time we have a presidential election.”
Here are things you should consider:
The right trustee?
The trustee’s role is the most important within a trust. Consequently, you need to make sure that he or she is still the right person to carry out your wishes.
The trustee has to handle lots of record keeping, accounting, tax planning and filings, and investment decisions, so you want someone with business skills.
You don’t want someone with a questionable background.
For instance, you don’t want someone who has been convicted of a felony or a crime of moral turpitude, or who is being treated for a drug, alcohol, gambling or other dependency disorder.
http://www.timesdispatch.com/business/ap/estate-planning-a-checklist-for-reviewing-your-trust/article_6bfb6d1c-d892-11e3-8445-001a4bcf6878.html
You want to ensure that the trust is current with the law and is still in keeping with your intent for your beneficiaries.
A trust is a legal relationship in which a person or trust company holds property for his or her own benefit or that of another person, called the beneficiary.
Trusts can be revocable or irrevocable. A revocable trust can be changed at any time by the person who created it. An irrevocable trust can’t be changed or terminated before the time specified in the trust.
You should review your estate plan anytime there’s a change in the family or your assets, said Marvin Blum, an estate planning attorney in Fort Worth, Texas.
“Our rule of thumb is to review the plan at least once every four years,” Blum said. “So we encourage our clients to review their plans each time we have a presidential election.”
Here are things you should consider:
The right trustee?
The trustee’s role is the most important within a trust. Consequently, you need to make sure that he or she is still the right person to carry out your wishes.
The trustee has to handle lots of record keeping, accounting, tax planning and filings, and investment decisions, so you want someone with business skills.
You don’t want someone with a questionable background.
For instance, you don’t want someone who has been convicted of a felony or a crime of moral turpitude, or who is being treated for a drug, alcohol, gambling or other dependency disorder.
http://www.timesdispatch.com/business/ap/estate-planning-a-checklist-for-reviewing-your-trust/article_6bfb6d1c-d892-11e3-8445-001a4bcf6878.html
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