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Experts Recommend That You Review Your Estate Plan Every Two Years

If you and your spouse created a trust prior to 2010, it is quite possible that your trust no longer accomplishes what you intended it to, due to changes in the Internal Revenue Code. Prior to that time, one of the most common trust structures for married couples was what we refer to as an “A/B Trust.” This type of family trust directs that an irrevocable bypass trust be created after the death of the first spouse. Under current law,  not only is this no longer necessary, but it may lead to extremely negative tax consequences, in addition to administrative burden and expense. However, this is a common problem and one that is easily corrected prior to the death of the first spouse, so long as it is discovered by regular review.

Experts recommend that you consult an estate planning attorney at least every two years in order to review your documents and ensure that your estate plan will still accomplish the objectives that it was intended to. Major life changes, such as marriage, divorce, the birth of a child, or the death of a spouse may also require you to review your planning. In addition, state law governs matters pertaining to wills, trusts, and estates and, therefore, an interstate move will need attention, too.

Whatever your particulars, Chauvel & Glatt can help you ensure that your estate planning affairs are in order. Contact one of our estate planners to schedule a review today.

The material in this article, provided by Chauvel & Glatt, is designed to provide informative and current information as of the date of the post. It should not be considered, nor is it intended to constitute, legal advice or promise similar outcomes. For information on your particular circumstances, please contact Chauvel & Glatt at 650-573-9500. (Photo Credit depositphotos.com).


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