After signing your estate planning documents, you may still need to fund your living trust, coordinate beneficiary designations, store your documents safely, and review the plan as your life changes. These follow-through steps help your documents work as intended when someone needs to rely on them.
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Do You Need to Transfer Assets Into Your Living Trust?
Often, yes. If your plan uses a revocable living trust, certain assets may need to be retitled or otherwise transferred into the trust. The correct approach depends on the asset and your individual circumstances. A signed trust document does not, by itself, mean every asset is owned by the trust.
Should You Update Retirement Accounts and Life Insurance?
Review how retirement accounts, life insurance, annuities, and other beneficiary-designated assets are owned and whom they name to receive proceeds. These arrangements need to fit your overall objectives; transferring an asset into a trust or naming a trust as beneficiary is not automatically right for every account. Read more about how beneficiary designations can help or hurt an estate plan.
Where Should You Keep Your Estate Planning Documents?
Keep signed originals in a secure but reasonably accessible location. Make sure the appropriate family members, agents, or successor trustees know how to locate them when necessary. If you received an estate planning portfolio or instruction letters, keep those resources with your records and follow any specific guidance provided by the firm.
When Should You Review Your Estate Plan?
Review your plan after major changes, including a marriage, divorce, death, birth, substantial inheritance, major change in assets, or move to another state. Changes in law may also affect your planning choices. The firm describes periodic checkup meetings for its clients, but you should not wait for a scheduled reminder when something important changes.
What Should Your Successor Trustee Know?
At minimum, your successor should know that they have been named and where to find relevant information if needed. Understanding successor trustee responsibilities ahead of time may prevent confusion during a crisis.
How Can You Keep Your Plan Working?
Use any trust-funding and beneficiary review instructions supplied with your documents, confirm that intended transfers have been completed, and periodically revisit your choices. For help reviewing or updating your California estate plan, contact the Law Firm of Kavesh, Minor & Otis.
