As the year comes to a close, it is an ideal time to review your trust and ensure that it still reflects your goals, your family circumstances, and your current assets. Small updates made now can prevent confusion later and help your plan work exactly as intended. A year-end review does not need to be complicated. It simply helps you confirm that your documents remain accurate, complete, and aligned with your wishes.
Start by checking your successor trustees. Make sure the individuals you named are still the people you want handling your affairs if you are unable to do so. Consider whether anyone has moved, changed roles in your life, or is no longer able to serve. Clear, updated appointments help the administration of your trust run smoothly when it matters most.
Next, review your beneficiaries. Look for changes in family structure such as marriages, births, deaths, or new relationships. Confirm that your trust accurately reflects who you want to inherit your assets and that the distribution instructions still make sense for your current situation. This is also a good moment to note whether anyone needs additional protections or specific planning.
It is also helpful to confirm that your trust includes all of your major assets. If you purchased real estate, opened new accounts, or made significant financial changes this year, ensure those assets are properly titled in the name of your trust. Leaving assets outside of the trust can create complications and may require your family to go through probate for items that were never intended to be handled by the court.
For clients with adult children or aging parents, evaluate whether your overall plan coordinates well with the roles you currently hold. If you have taken on new caregiving responsibilities or if your children have become more involved in your affairs, you may want to clarify responsibilities or update your plan to reflect these shifts.
A year-end trust review gives you clarity and confidence heading into 2025. It allows you to make thoughtful adjustments and ensure that your plan still supports your family and long-term goals. If you would like assistance reviewing or updating your trust before the new year, our office is available to guide you through the process.