If you were responsible enough to create a living trust you may feel a sense of relief and put the document away for safekeeping. You tell your future representative that you do in fact have a trust, you inform this individual about the whereabouts of the document, and you put the matter to rest.
In truth this is not the right approach. From the time you walk out of the attorney’s office with your living trust you should recognize the fact that you will probably be walking in again at some point in the future.
Time can get by you in a hurry, and we all have pressing day-to-day priorities. Estate planning may not be one of them, and this is understandable to a certain extent.
However, if you were aware of the fact that your stock portfolio was comprised of investments that had become too risky you would probably take action right away. By the same token, if you go through life with an estate plan that is in need of revisions you are taking a significant financial risk.
The worst part of this risk is the fact that you would not be the individual who would suffer the consequences. Those that you love would be left behind to handle the fallout.
A revocable living trust that you created years ago may not reflect all of your current wishes. Property that you have acquired may not have been conveyed into the trust. Your trustee could have become incapacitated or otherwise unable to serve.
Examine your living trust if you have not done so recently, and set up a consultation with your attorney if changes are necessary.