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Heritage Tree LogoHow Often Should I Update a Trust Fund?

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The reality is that, unfortunately, there will come a day when you can no longer look out for your loved ones. This is why creating a trust is so pivotal, as it can ensure that your assets are safely passed down to your beneficiaries when the time comes. But in addition to creating a trust, it is equally important that you continuously update it. Follow along to find out how often you should update a trust fund and how one of the proficient Butler County trust attorneys at Heritage Elder Law & Estate Planning, LLC can assist you in doing so.

What is a trust fund?

Simply put, a trust fund is a legal arrangement in which you can place your assets into a special account to hold for your designated beneficiaries for a given amount of time. Notably, a trust fund may allow you to avoid probate and reduce estate taxes, all while assuring that your minor children are provided for when you have passed on.

What circumstances warrant updating a trust fund?

Generally speaking, when you undergo a significant life change, you may want to circle back to your estate planning documents. This includes updating your trust fund’s terms and conditions.

As a specific example, say that as your children have gotten older, you have noticed that they have different needs than you had previously anticipated (i.e., medical needs, educational needs, special needs, etc). In a case like this, you should look over your trust once more and determine whether the date your children will obtain their inheritance is still satisfactory.

In addition, with your children getting older, say that you have new hopes or expectations for them that you did not think of beforehand. And so, you may want to go back and add certain clauses that state that your children cannot receive their funds until they reach a certain age, a certain level of education, or a certain career milestone, among other circumstances.

Or, say that you now have grandchildren that were not around when you initially established your trust. With this, you may want to go back and add funds for your new beneficiaries.

What circumstances warrant updating a trustee?

First off, your designated trustee will be responsible for delaying payments to your beneficiaries if the terms and conditions of your trust order them to do so. With this, you will want to designate an individual that you trust with this responsibility.

And so, you may want to update your trustee if you no longer have a loving relationship with them, or if your beneficiaries no longer have a loving relationship with them. Or, you will want to select a new trustee if your original trustee has since passed on, moved away, or stated that they no longer desire to hold such a duty, among other circumstances. Sometimes, it may be considered the most neutral, unbias decision to hire a corporate trustee or appoint a non-family member instead.

For more information, contact a Butler County trust attorney today.

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