Once you have completed your trust plan, you need to have your plan reviewed often. Depending on your family circumstances, you may need amendments to original documents that were correct at the time of signing but now need changes. The beauty of restating a trust versus creating a new one is that once you transfer title of your assets to your trustee, you can simply restate the trust and title is still complete from the first transfers. In other words once the trustee holds title to the assets, they will remain titled in the trust even if you change the whole document simply by calling it a restatement.
Trust Amendments can also be very effective to make simple changes. As with trusts, wills also need to be revised. A simple will codicil can amend a will. Due to the uncertainty of the estate tax every plan currently in existence should be reviewed to be sure that under the new estate tax it is still an accurate reflection of the original intent of the creator. What may have been intended and executed under the old estate laws could have completely different meaning under existing laws.
If you are unsure whether your plan is still accurate, please call the law offices of Hoffman & Hoffman, P.A. to review it and advise you as to whether any changes need to be made.
For an initial consultation with one of our experienced attorneys call 305-372-2877 or 877-858-2977 or fill out the contact form on the right side of this page.
