As I mentioned before, creating a living trust is a good first step, however making sure it’s properly funded is important. Here are a few more things to do and make sure you have in place:

Update Life Insurance Beneficiaries: If you have a spouse, he or she should be listed as your first beneficiary and your living trust as a contingent beneficiary.

TIP: life insurance proceeds often provide needed liquidity during the trust administration process to pay final expenses, taxes and otherwise. Therefore you should name your trust, rather than your children or other loved ones, as the beneficiary of the policy.

Safe keep and Review Your Documents Every 3-5 Years: Keep your documents in a safe and secure place. Consider letting your successor trustees or agents under your power of attorney know where the original documents are held. Review your documents every few years. Consider whether anyone you have nominated has lost capacity, and if so, notify your attorney. Also notify your estate planner upon any births, deaths or divorces affecting your estate plan. Periodically confirm that your assets are still titled in the name of your trust. Update your trust’s “Schedule A” to reflect any newly acquired property, financial accounts or business interests.

Happy Planning!


Disclaimer: The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship. Brittany Britton is licensed to practice law in the state of California only.