How to Review a Trust

A trust is one of the most important documents a person can have in a lifetime. A trust is a way to provide for yourself and your loved ones in case of death or disability and should be reviewed on a regular basis. A person's financial or physical situation can change over time, and a trust needs to reflect those changes. Read on to learn how to review a trust.

Instructions

Difficulty: Challenging

1. Find a qualified attorney who specializes in estate planning. General practice attorneys may not be as up to date on state laws governing trusts.
   
   
2. Decide if you want the same trustees as in the original trust. Family situations change through death, divorce or disability. The trustees you had five years ago may not be appropriate now.
3. Consider if changes to how the trust property is distributed are necessary. Again, family changes sometimes force changes in the trust.
   
   
4. Calculate whether the estate has increased significantly since originally drafted. New properties, stock accounts and other items may need to be added.
5. Check to see if any specific gifts need to be changed. As families grow over time gifts to grand children or great grandchildren may need to be amended.
   
   
6. Research whether the trust is appropriate for the state you live in. Trusts are usually good from state to state, but some have specific laws that others don't.
7. Review to see if the trust has been signed properly. Circumstances can change quickly, and an improperly executed trust can cause problems later.

Tips & Warnings

• If your trust is more than ten years old, there can be significant changes to your situation or to state laws that need to be addressed. Have your trust reviewed every five years.
• A trust should only be reviewed by a qualified estate planning attorney.
• Trusts can be complicated. Make sure you understand the terms thoroughly.
• Don't sign your trust until you are satisfied that it is appropriate for your life stage.