Has It Been More Than 5 Years? 5 Reasons Property Owners Should Review Their Trust
Many homeowners create a trust and never look at it again. But life changes, laws change, and your estate plan should change with them.
If you own real estate, here are five reasons to make sure your trust is still working the way you intended.
1. You Bought or Sold Property
A trust should reflect your current assets. If you've purchased a new home, inherited property, acquired a rental, or sold a property, your trust may need updating.
2. Your Trustee Situation Has Changed
The person you selected years ago may no longer be the best choice. A trustee has significant responsibilities, including managing assets and potentially overseeing the sale of real estate.
3. Your Family Has Changed
Marriage, divorce, births, deaths, and blended families can all affect your estate plan. Your trust should accurately reflect your current wishes and relationships.
4. Property Values Have Increased
Many California homeowners have seen substantial appreciation in their real estate. As your assets grow, it's important to ensure your trust still aligns with your goals and your family's needs.
5. It's Been More Than Five Years
Even if nothing major has changed, estate planning documents should be reviewed periodically. Laws evolve, circumstances change, and a quick review today could prevent problems later.
Don't Wait Until There's a Crisis
One of the most common issues families encounter after the death of a loved one is discovering that estate planning documents are outdated. A simple review can often identify problems before they become expensive or stressful for your family.
Need a Trust Review?
If you need a review of your existing trust, or if you're considering creating a Trust, Power of Attorney, or Advance Health Care Directive, consider reaching out to:
David W. Knight, Estate Planning Attorney
Law Office of David W. Knight
2300 Boynton Avenue
Fairfield, CA 94533
Phone: (707) 422-5411
If you're not sure whether your situation requires legal intervention, I'm always happy to point you in the right direction and help you understand your options.
