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Keep Your living trust up to date

                               Keep your Living Trust Working for you

Larry Weiss CFP®, CPA 415-794-4360,

An important step in the financial planning process is the establishment of a living trust. Many of my clients have completed the process but are often concerned about what to do next. Below I have outlined a simple approach to keep your living trust current.

Annual Review

Update your schedule of trust assets once a year.

Make sure you include a listing of your assets in a schedule within your trust . This schedule will help the named assets avoid probate. In addition it can be very useful tool to list all your assets for your executor or successor trustee. Many people update their schedule “A” once a year or when they buy expensive items.

In addition you should contact the institution where you hold these assets and complete the required paperwork to make sure these assets are titled in the name of your living trust.

Revise or amend your trust

Trusts will occasionally require amendments or restatements. These activities could include:

  1. Changing "Successor Trustees."
  2. Changing "Beneficiaries". Or the percentage that you want to go to each beneficiary.
  3. Major tax law changes.
  4. Review your "Powers of attorneys" and "Medical directives" designed to provide you a strong voice in your future.

Contact me if you would like to have a complimentary meeting to learn how to make your living trust work for you and your family.  We can provide you a  “Schedule of Trust Assets” form to use with your trust.

Securities and Investment advisory services offered thought NEXT Financial Group, Inc. Member FINRA/SIPC. NEXT Financial Group Inc. does not provide tax or legal advice.

Registered Branch Office: 2030 Harrison St. 3rd Floor, San Francisco CA 94110.

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