One of the many benefits of using a living trust as part of an overall estate plan is that the trust is amendable, revocable, and assets can be moved in and out of the trust at any time. This allows you to amend your Anaheim trust as time passes in order to better suit your goals and needs. If you already have a living trust as part of an estate plan, you are likely aware of the importance of funding the trust with your assets during your lifetime. Fortunately, amending or restating a trust should not influence the work that you previously did with regard to moving assets into the trust.
Any time that you decide to amend an Anaheim trust, it is always wise to take the opportunity to review your overall estate plan and current financial picture. The following are suggested steps as you consider updating your trust:
- Consult with an experienced living trust attorney about your goals for modifying your trust.
- Review the assets that are currently held in the trust.
- Review beneficiary designation for certain assets and accounts with your attorney, including your amended trust.
- Verify that the assets currently held in trust are properly titled with the correct name of the trust and the correct date of formation.
To learn more about the process of amending a living trust in California, view our free guide, The Ten Things You Must Know Before Creating (or Amending) Your Will or Trust. Call our office of experienced Anaheim trust modification attorneys today at (714) 459-5481 for a consultation.