5 Reasons to Update Your Trust
A trust is an important document that helps make sure your requests are carried out, after you pass. If you have certain wishes as to who should receive each of your assets, establishing a trust at the Lake of the Ozarks might be right for you. Our Lake of the Ozarks law center can help you get your end of life wishes in order. If you already have a trust in place, you may need to make updates or amendments to it. With any life change, it’s important that you view your trust for necessary changes as well. Take a look below for examples of changes in your life that may result in needed updates to your trust.
It is hard to think about end of life and the distribution of all of your assets, but your family will be thankful for the time you spend planning in advance. We serve people living at the Lake of the Ozarks who wish to establish a trust to keep their assets out of probate. For many people who do not create a trust, the probate process turns into a lengthy court proceeding for the loved-ones left behind.
At O’Donnell Law Center, we create a comfortable environment in which you can share your wishes and make amendments to your existing trust at any time. We know creating a trust at the Lake of the Ozarks may seem intimidating, but we are here to help show you that it doesn’t have to be.
1026 Palisades Blvd. Suite 3
5 Reasons to Update Your Trust:
Change in Marital Status
A change in marital status certainly calls for an update to your trust. Whether you are getting married, getting divorced or getting remarried, it’s a good idea to make sure your beneficiaries are up-to-date. If something were to happen to you today, who is designated to receive your assets? If you aren't sure that the people you have in mind are the ones named in your trust, you should review your trust language with an eye toward making updates.An Heir Passes Away
If someone who is a beneficiary of your trust passes away, you may want to make adjustments to how your assets will be distributed from your trust.Children Are Born
Are you expecting a child? Having a new beneficiary born is another reason you may want to amend your trust. You can actually set it up to distribute equally between your children, if you aren’t sure how many children you plan to have. This is a great option for a younger person establishing a trust.
Children Become Adults
Many children who are named in a trust will have a set age (18, 25, 35 for example) in which they can receive the assets. If your children have started having children of their own, you may want to add your grandchildren to your trust.Significant Change in Assets
If you’ve had a significant change in your assets, it is a good idea to review if you want those assets to be added to the trust, and if so, to get them titled in the name of the trust. If they aren’t in the trust at the time of your death, then you risk the possibility that they will not be administered in accordance with the trust language.It is hard to think about end of life and the distribution of all of your assets, but your family will be thankful for the time you spend planning in advance. We serve people living at the Lake of the Ozarks who wish to establish a trust to keep their assets out of probate. For many people who do not create a trust, the probate process turns into a lengthy court proceeding for the loved-ones left behind.
At O’Donnell Law Center, we create a comfortable environment in which you can share your wishes and make amendments to your existing trust at any time. We know creating a trust at the Lake of the Ozarks may seem intimidating, but we are here to help show you that it doesn’t have to be.
We Carry Your Burden ~ You Carry On With Life.
Disclaimer: No attorney-client relationship is created by the publication of this blog.
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Phone: (573) 552-0317
O'Donnell Law Center, LLC
Osage Beach, MO 65065
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