Maintaining an Effective and Accurate Estate Plan
As you know, we have had the pleasure of assisting you with the creation of your trust agreement(s) and related estate planning documents. We trust that these documents provide you with peace of mind, knowing that your wishes for the future are clearly outlined.
To ensure your estate plan remains effective and accurately reflects your intentions over time, it is crucial to maintain comprehensive records alongside your original trust documents. We strongly recommend that you keep copies of all ownership changes and beneficiary designations in the estate planning binder we provided (or a similar secure location).
This includes, but is not limited to, the following types of documents:
Deeds: Any deeds transferring real estate into the name of your trust.
Account Statements: Updated statements for bank accounts, brokerage accounts, and retirement accounts that list the trust as the owner or beneficiary (usually the summary page of the account).
Life Insurance Policies: Copies of your life insurance policy information and written beneficiary designation confirmation.
Vehicle Titles: Documentation showing ownership of vehicles by the trust.
Beneficiary Designation Forms and Confirmations: Copies of any forms and written beneficiary confirmations designating beneficiaries for assets held within or outside the trust such as retirement accounts, pay on death accounts, and life insurance.
Keeping these records current will allow you and your successor trustee(s) to readily identify all assets owned by the trust and ensure a smooth and efficient administration of your estate in the future. When changes occur, such as opening a new account, purchasing property, or updating beneficiaries, please make a copy of the relevant documentation and place it in your estate planning binder.
While you are responsible for maintaining these ongoing records, please remember that our firm is here to assist you with any significant changes to your estate plan or if you have any questions regarding the titling of assets. We recommend reviewing your estate plan periodically (every 3 to 5 years), especially following major life events, to ensure it continues to meet your needs.
Thank you again for entrusting us with your estate planning needs. We value our relationship with you and are committed to providing ongoing support.