{"id":39249,"date":"2022-04-06T14:48:59","date_gmt":"2022-04-06T21:48:59","guid":{"rendered":"https:\/\/ameriestate.com\/?p=39249"},"modified":"2022-04-06T14:50:10","modified_gmt":"2022-04-06T21:50:10","slug":"when-to-consider-amending-your-trusts","status":"publish","type":"post","link":"https:\/\/ameriestate.com\/living-trust\/when-to-consider-amending-your-trusts\/","title":{"rendered":"When To Consider Amending Your Trusts"},"content":{"rendered":"\n
\"When<\/a><\/figure><\/div>\n\n\n\n

One of the greatest advantages of adding one or more trusts to your estate plan is you can amend any of them, except the irrevocable ones.\u00a0 Inter Vivos (Latin for \u201cwhile alive\u201d) trusts, or living trusts, can be revoked at any time before your death. These trusts only become irrevocable once you die.\u00a0<\/p>\n\n\n\n

Parties To A Trust<\/h2>\n\n\n\n

All of your trusts, revocable or irrevocable, must designate the following three parties:<\/p>\n\n\n\n

  1. Grantor: the person making the trust, i.e., you or perhaps you and your spouse<\/li>
  2. Beneficiary: the person or persons for whose benefit you establish the trust<\/li>
  3. Trustee: the person or entity that manages the assets you place in the trust and distributes them to the beneficiary or beneficiaries according to the trust\u2019s provisions<\/li><\/ol>\n\n\n\n

    You can designate yourself as one of the beneficiaries. You can also name yourself as the trustee and therefore maintain control over the trust\u2019s assets just as though you continued to own them personally. If you do so, however, you should also designate a successor trustee to take over the trust\u2019s management should you die or become incapacitated.<\/p>\n\n\n\n

    When To Review Your Estate Plan<\/h2>\n\n\n\n

    Given that your circumstances change over time, experts recommend that you review your estate plan, including your revocable trusts every 2-3 years. You also should do a thorough review any time you experience a life-changing event, such as one of the following:<\/p>\n\n\n\n