Have you considered what to do after you get a Revocable Living Trust? If you are like most people who have estate plans, than you probably do have a Revocable Living Trust. However, you need to have a plan in place for what comes next. Just getting the Trust itself does not do anything unless you follow through with a more complete plan.
The first thing you need to do is to fund the Trust. You need to transfer your assets to the Trust. The attorney who drafted the Trust for you probably told you this and hopefully you followed the attorney’s advice.
You should not stop with just funding the Trust, however. Do not just get a Revocable Living Trust once and forget about it. There is a reason that the word “revocable” is in the name. You can revoke the Trust, if it no longer works for you. It’s possible to get an irrevocable Trust. The reason you did not do that is so that you had the option of changing your plans. Do not waste that option. Review the terms of your Trust regularly and make sure it still does what you want to do with your estate. If your Trust is no longer what you want, then talk to an estate planning attorney about other options.
- Thought of the Day - June 7, 2023
- Thought of the Day - May 31, 2023
- Thought of the Day - May 24, 2023
