While there is no “one size fits all” answer, most individuals should revisit their trust details every 3 to 5 years. Of course, if you experience a major life event, you should update your trust right away to make sure that it still aligns with your current situation and goals. Keep reading below to learn more about how often you should update your trust.
What Is a Trust?
A trust is a legal arrangement where your trustee manages certain property for the benefit of the trust beneficiaries. Trusts are common estate planning tools, and a trust can often be more advantageous than a traditional will. Trusts can help you:
- Avoid the probate process
- Have more flexibility for incapacity planning
- Keep the details of your estate private
There are two main types of trusts used in estate planning. Those are revocable trusts and irrevocable trusts. An irrevocable trust typically cannot be changed or updated. However, revocable trusts can be updated at any time. Oklahoma City trust and will attorneys at Helton Law Firm explain when you may need to do so.
When Does My Trust Need Updating?
Revocable trusts may be amended or changed at any time, and there are several reasons why you might need to do so. Many individuals wrongly believe that once they create a trust or estate plan they never need to touch it again. The truth is that your trust should be kept up-to-date and current so that it continues to align with your goals and wishes as your life changes.
Most people should review their trust at least every 3 to 5 years. Regular reviews can ensure that your trust stays current as your family and financial situations change. However, a trust administration lawyer in Oklahoma City suggests you should always review and update your trust immediately after any major life change, such as:
- Marriage or divorce
- Birth or adoption of a child
- Death of a close friend or family member
- Acquisition of any large assets, such as a home or business
Updating your trust is something that you want to ensure you stay on top of as your life changes. An outdated trust may no longer align with your wishes, and that situation could be just as bad as not having an estate plan at all.
How Do I Update a Trust?
Updating your trust is not that difficult or complex. To update your trust, you can simply create a new trust document that replaces the old one. For small changes, you will likely just execute a trust amendment that gets attached to your existing trust. However, for major overhauls, you might consider re-doing the whole thing. An experienced trust attorney can help you decide the right approach for updating your trust to ensure that all of your changes are appropriately made and in effect.
Get Help With Your Trust Today
Whether you need to update a trust or create a brand new one, the team at Helton Law Firm has the knowledge and experience to help you. We have a deep understanding of Oklahoma trust law, and our team is here to answer all your questions. Contact us now to schedule an initial consultation and let us help ensure that your trust is current and ready to meet your needs.