Video Summary
How often should my Trust be reviewed and updated? You should have it reviewed periodically to see if there’s any change in circumstances such as one of your beneficiaries passing away or if you provide for grandchildren whether you’ve had any additional grandchildren. If there’s been any change in circumstances as far as your child, as far as being disassociated with you or estranged or if you provide for stepchildren or whether or not you continue to wish to provide for them. So, there’s any number of reasons why you want it reviewed if there’s a change in circumstance. Another one is in the event the law changes, particularly as far as the taxes are concerned. For many years it was a lower amount, and so if your assets had several million dollars, well then you would need to have do the estate planning for tax purposes. They’ve raised the estate tax limitation now to $14 million or thereabouts, and so therefore, it is not important to worry about planning for estate taxes since there should be none. So, if you have any questions, give me a call at (727) 847-2288.