New York residents who have established estate plans might find comfort knowing that their living trusts are in place to manage their estates while they are alive and after they die. However, with passing time comes life's changes and events, some of which might affect a living trust. For this reason, occasional reviews of trusts are crucial.
Modifications might be necessary if state laws related to estate planning change or if the person relocates to a state with different requirements for living trusts. Changing family dynamics must be addressed when revising estate planning. Deaths, births and adoptions will require adding new people and removing those who are deceased. Divorce will necessitate changes and so will emancipated children. Furthermore, changed relationships with trustees and guardians of trusts might need to be revised.
For a living trust to remain current, asset valuations might need adjustments, and acquisitions of real estate, investments or business interests must be added. Any assets sold, gifted or traded will have to be removed from the trust. If the person plans to take distributions from retirement plans, the living trust might be affected.
These are but some of the typical changes that occur in the lives of most New York residents, and if left unaddressed, living trusts might become worthless. The process of updating estate plans might seem daunting, but help is available. An experienced estate planning attorney can provide assistance every step of the way, making sure that the necessary changes are made to keep living trusts current.