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Perhaps it has been awhile since your living trust was prepared. Has anything changed that can effect your current estate plan? Bear in mind that a trust can only be changed by a formal amendment. A simple note in the margin of your document, or striking out of words, even next to your signature, is ineffective! Don’t risk having your assets go through probate.
Remember, a Living Trust is only as good as it is kept current!
If you don’t already have a complete estate plan that includes a POA, imagine the scenario that could arise if you were to lose the ability to make or communicate decisions following a car accident or serious illness that left you unconscious. The Durable Power of Attorney for asset management document allows you to designate who will administer and manage your personal assets in the event that you can not.
An Advance Healthcare allows you to designate a trusted family member or friend to make health care decisions for you if you are unable – either temporarily or permanently – to do so for yourself.
You are at risk unless you have taken the simple but necessary step of signing an Advance Healthcare Directive.