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It’s  the perfect time to review your Living Trust to make sure it meets with your wishes at the present time. I recommend a Trust Review once a year.Living Trust Checklist

Here are 5 Important Things to check when reviewing your Living Trust:

 1) Living Trust: Beneficiaries

There is an article in your Living Trust titled “Beneficiaries” or “Beneficial Interests” that sets apart who you have named to receive your trust assets. It could reflect a percentage interest your beneficiaries should receive, or perhaps it is to be divided equally. Take a careful look at this article. Is this how you would like your trust assets to be distributed?

 2) Living Trust: Successor Trustee

Your Successor Trustee and Alternate Successor Trustee are listed in your trust documents. Check to make sure the people you have listed are still alive, in good health, and still your first choice(s) to execute your trust.

 3) Power of Attorney

Your Power of Attorney should be updated within the past 2 years to comply with changes in the law. If you have a Power of Attorney that is signed prior to January 2009, it is time to get it updated. Also check to make sure your Power of Attorney Agents are still the people you would choose and trust to make financial decisions for you (or to pay your bills for you).

 4) Living Will with Medical Health Care Powers

Your Living Will should also comply with changes in the law. If your Living Will is signed before January 2009, it is time to get it updated. Also check your Medical Agents you have listed to make sure they are the people you would have make medical decisions for you, if you are unable to.

 5) Trust Asset Schedule

Your Trust Asset Schedule is located behind the tab marked “Schedules.” This is a listing of all the assets you have in your trust. It should include any new accounts or investments you own. If something is missing on your Trust Asset Schedule, you can go ahead and add it yourself. This Schedule is one of the ONLY documents you may write on or cross things off in your Trust Book. Do not write on your other documents…if you do, it could invalidate your whole trust. If you feel more comfortable having us update your schedule for you, give us a call.

…So that’s all there is to a quick Trust Review. On the average, it only takes about 10 minutes to make sure everything is exactly as you would have it.

And, if you do find something that needs to be changed, please call us for an appointment now. Our friendly staff is ready to assist; call us at (480) 447-2447.


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Topic: Living Trust

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