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Verifying Your Assets in your Trust

November 21, 2018

It is always a good idea to take some time to review who you have identified in your estate planning documents as playing critical roles – guardians for minor children, successor trustees, executors, power of attorney agents, health care agents – to ensure that you are still comfortable with giving those responsibilities to those you have selected. Often times, people’s situations change. Sometimes it can impact the criteria you used when selecting them in the first place. Part of the process of updating your estate plan is to make appropriate updates to the list of trustees and agents when situations change.

We also recommend that you take the time to verify that your assets have been properly titled and the beneficiaries properly designated to accomplish all of the goals important at the time you created your estate plan. Here are some things to consider… Are your taxable investment accounts and business interests titled in the name of the trust? Do your tax-deferred retirement accounts identify the correct designated beneficiaries?

TAKE THE TIME

If you have opened additional accounts or acquired additional assets in the time since we created your estate plan, please take the time to understand how title is held to those accounts and how the beneficiary(ies) are designated (if applicable). Your estate plan will work as you intended if everything is properly titled and beneficiaries are properly designated.