Reviewing trusts, wills every few years is a smart move

On behalf of Nicole Diaz of Patel & Dalrymple, PLLC posted on Thursday, August 23, 2018. 

No set rule is in place for how frequently people who own assets in Virginia should review their estate plans. Nonetheless, there are a few basic guidelines that are wise to follow. Here is a look at these general guidelines for reviewing wills, trusts and other estate planning documents.

Ideally, those who have created wills and set up trusts should look at their documents at least every three years. This will help them to ensure that they are still in agreement with the provisions of the documents. For example, they can check to see if they would still like the parties they previously selected to be their trustees, powers of attorney or personal representatives to maintain these roles. In addition, do they want the same parties to receive their assets when they pass away?

In addition to completing their own estate planning reviews every three years, those who own assets may want to have an attorney review their plans at least every four years. An attorney can be helpful in this regard since estate planning laws are constantly changing. Updating an estate plan is also a smart move following big life events, such as a marriage, the birth of a baby or a change in one's financial status.

Setting up trusts and creating wills are not high on many people's to-do lists, as people generally do no want to think about the possibility of death. However, the reality is that death is inevitable and can strike at any time, so it only makes sense to be prepared. An attorney in Virginia can help those who own assets—whether they are many or few—to set up trusts or wills that will satisfy their current wishes in the event that they pass away.

Trusts offer many unique estate planning benefits

On behalf of Nicole Diaz of Patel & Dalrymple, PLLC posted in Trusts on Thursday, August 9, 2018. 

Many people throughout the United States, including in Virginia, prefer not to think or talk about death. For this reason, estate planning is oftentimes ignored. However, creating wills or living trusts is essential for protecting one's assets long term. Here is a look at what trusts in particular can do for asset owners.

Setting up a trust involves the execution of a trust deed as well as the transfer of a person's estate to a selected trustee for the estate beneficiaries' benefit. Three kinds of trusts are available: a private trust, public trust, and religious or charitable trust. In addition, trusts can be either irrevocable or revocable.

Trusts offer several benefits, with one being that they provide for the management of people's estates during their lifetimes. They also provide for the management and distribution of a person's wealth following the person's death. With irrevocable trusts, people can maintain control of their assets by allowing their appointed trustees to consult them as needed. With revocable trusts, individuals can easily access, as well as control, their assets just as they did before setting up their trusts.

The benefit of a living trust over a will is that it keeps an estate from having to go through the time-consuming process of probate when the estate owner passes away. In addition, living trusts are not part of the public record, so people who use them can keep their estate information private. Also, trusts can be used no matter how large or small a person's estate may be. An attorney can provide asset owners with the guidance they need to set up trusts in the most personally beneficial manner possible in Virginia.