Changes happen all the time. If you already have a trust set up, you want the peace of mind knowing that it still reflects your wishes. You don’t want an outdated trust to become a ticking time bomb. As long as you are legally competent, you can modify your Living Trust.
But sometimes, the person who sets up a trust can’t modify it—either because that person is now disabled, incompetent, or has passed, or the trust itself is “irrevocable.” At The Law Firm of Kavesh, Minor & Otis, Inc., we can assist you with such a trust modification or reformation.
“We had two questions about funding our IRA trusts outside the scope of our living trust update meeting. Lia followed up with our attorney Jane Lee and we received complete responses the next day. Excellent service. Thank you.” – David M.
When it May Be Time to Modify or Reform a Trust
Think about some of the changes in your life that may make it necessary to modify or reform a trust:
- Do you want to change the trustee to be in charge of the trust, now or in the future?
- Do you wish to leave certain assets to someone else or change the beneficiaries’ percentage shares?
- Are you getting remarried and want to protect your children from your first marriage?
- Do you have a family member with a disability that you need to set up special funds for?
- Do you want trust assets to qualify for a step-up in basis that can reduce capital gains taxes after you’re gone?
There are ways to effectively reform or modify the trust, some of which may involve a private agreement between the trustees and beneficiaries, or relocation of the trust’s jurisdiction to another state, and others that may require court involvement. We can find a solution that works best for you.
As our client, you are entitled to a free review of your plan every three years. Even if you don’t think anything has changed, we encourage you to take advantage of this perk. Think of this as your annual physical!
Do You Need To Speak With An Attorney About Estate Planning?
If you need to speak with an experienced estate planning lawyer please contact us online or call us directly at 800.756.5596 to claim your space at one of our free, informative seminars. Your attendance will qualify you for a discount for our estate planning services. We proudly serve clients throughout California with offices in Torrance, Newport Beach, Orange, Woodland Hills and Pasadena.