As children grow and begin to create families of their own, it is an important time to consider modifications to your Anaheim trust. Even if you have a good relationship with your child’s spouse, you may not want him to receive your property if something should happen to your child after you die. Fortunately, many Anaheim trust modification techniques can be incorporated into your estate plan in order to accomplish your goals. Your attorney will review your current plan and make several recommendations based upon your wishes.
After meeting with your attorney to discuss an update, there are several options available to you. Possible Anaheim trust modification techniques that you may choose include the following:
- Assets can be held in trust for a longer time. The hope would be that some assets have not been distributed at the time that a divorce, bankruptcy, or lawsuit occurs.
- Language can be incorporated into your trust to specifically omit any person who you feel strongly against receiving your property.
- Assets can be held in trust until your children pass, at which time they can pass directly to your grandchildren.
- Assets held in trust for the benefit of grandchildren can be overseen by a trustee who is not your son or daughter in-law. This will give a great deal of the decision-making power relating to the trust assets to the trustee rather than the in-law.
- Language can be drafted that changes the trust asset distributions in the event of a divorce, bankruptcy, or lawsuit.
To learn more about the process of amending your trust, view our free guide, The Ten Things You Must Know Before Creating (or Amending) Your Will or Trust. Contact the Law Office of James F. Roberts & Associates, APC, today for more information. Our office of experienced Anaheim trust modification attorneys can be reached at (714) 459-5481.