Establishing a will or trust and other associated estate planning tools, is not a once-in-a-lifetime process. Laws and circumstances change making the documents inappropriate. If your will or trust is over 10 years old (and a good idea at 5 years), you NEED to pull it out and give it a thorough review. After you read it, ask yourself these questions:
If you answered yes to any of the above, you should have your estate planning attorney review the documents and suggest appropriate updates. Even if your trust is irrevocable, you may have options to decant (distribute the assets to a new, but similar trust) or make amendments to it under your particular state laws, like Washington.
We love to educate our clients about the options and techniques available to them as well as how trusts and estates work. See some of our answers to frequently asked questions and common misconceptions on our website. For assistance with Spokane and Washington state wills, trusts, probate, trust administration, and business formation and succession, contact Megan Lewis Law, PLLC.
Megan M. Lewis