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Common Questions Regarding Trust Upkeep

Posted by Courtney Lyle | Sep 18, 2018 | 0 Comments

1. If my trustees, powers of attorney or medical agents change their addresses do I need to update it in the form?

Answer: For the medical form (the advanced directive) it is a good idea to keep the form updated. If you have a medical emergency this is who the hospital is going to contact so we want to make sure their information is up to date. Now that being said, the phone number would be more critical than an address.

2. How often should I review my estate plan?

Answer: It is recommended that you review your estate plan and review it every 3-5 years or whenever you have a major life-changing event. Life changing events would include a birth or death in the immediate family. Divorce would also be a major event that would require some substantial changes to your estate plan.

3. What should I do if I buy a new home?

Answer: As you recall, the purpose of estate planning is to make sure that we do not die with assets that are unaccounted for, meaning with nowhere to go. We want to make sure that upon your passing, every asset has a designated place or person to go to. So if you buy a new property, we want to make sure that ends up in the trust and passes according to its provisions. This can be done in one of two ways–you can either buy the house in the name of the trust (you can talk to your title company about how to get this done) or you can buy it in your individual names and then do a separate deed, deeding it to the trust.

4. How expensive is to to amend my trust?

Answer: Depending on when you did your estate plan and what has occurred since that time (major life events, like births, deaths), it is likely that you will not do a total overhaul of your estate plan. You are more likely to just do a tweak here and there. We typically bill these changes on a flat fee depending on the amount of time it will take us to complete. These changes do not tend to be very expensive to do. 

About the Author

Courtney Lyle

Courtney's passion for estate planning started when she was 5-years-old, although she didn't know it at that time. She had a sister pass away at birth, and it brought up a lot of questions about death in her family. Courtney felt at peace after her parents explained about their will and what would happen should anything happen to them. She wants to help bring this peace of mind to other families...

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