How Often Should You Review Your Living Trust and Will?

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How Often Should You Review Your Living Trust and
Will?
If you ever stressed on, How frequently should I
update my living trust and will, you are not
alone, and it is a big question that people often
come across, sadly, they dont address. Probate
Attorney in San Bernardino is an essential task
that every individual should properly deal
with. How to Update Living Trusts A living
trust commonly known as a revocable trust is a
written legal record about assets that are
arranged into a trust for a long-term benefit.
General assets put into a trust including your
bank accounts, home, and stocks. A revocable
trust permits you to define yourself as the
trustee during your entire lifetime period to
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• remain in charge of your assets. When you are no
  more, the trust becomes permanent and is
  assigned to a named beneficiary.
• As the grantor of trust, you can amend a
  revocable trust if conditions change. Revocable
  trusts are generally revised to add or modify an
  assigned beneficiary, or to discuss domestic
  affairs. The trust can be amended or withdrawn at
  any time by the trustor unless he or she is
  mentally fit. Having an updated trust will
  decrease the chances of your assets passing
  through probate.
• Update your living trust in following situations
  -
• Recent marriage or divorced
• Change of residence address
• Financial status change
• When a beneficiary or trustee expires
• New tax laws affecting trust assets
• Furthermore, you should also renew every five
  years your trusts record of assets. This, in
  turn, allows you to enter newly earned assets and
  exclude assets that got disposed of.
• You should never go extended periods of time
  without reconsidering your estate plan. The
  initial step of the estate planning is to create
  a will, although, frequently it is essential to
  modify a will that was before done due to life
  changing situations. You should evaluate your
  estate plan in every few years to secure no
  changes need to be done. Considering making an
  update or preparing a living trust or will?
  Contact Probate Attorney in San Bernardino for
  assistance. We can help you settle your dear
  ones future when you pass away.