couple reviewing their trust

Tax Season Review: Ensuring Your Living Trust Reflects Your Current Wishes With Your Milford Trust Lawyer

  • By Steven Rubin
  • |
  • Posted February 21, 2024

As tax season rolls around, it's not just a time for crunching numbers; it's also the perfect opportunity to review your living trust. A trust review can be a seamless part of your financial health check-up, with your financial information already in order and at your fingertips. But what exactly does "review your trust" entail? Let’s break it down with insights from a Milford trust lawyer.

Understanding a Living Trust Review: More Than Just a Glance

Reviewing your trust is critical to ensure it still serves your intended purposes and aligns with your current situation. It's a time to reflect on life changes and update your documents accordingly. But what specifics should you be looking for?

Key Elements to Review in Your Living Trust

  • Beneficiaries and Successions: Life events such as marriages, births, divorces, and deaths can affect who you wish to benefit from your trust. Check that all beneficiaries are current and that successor trustees can and are willing to serve.
  • Asset Inventory: Confirm that all your significant assets are properly titled in the trust. Any new assets acquired since your last review should be added to avoid probate.
  • Distribution Plans: Make sure your distribution instructions still reflect your wishes. This includes when and how beneficiaries will receive their inheritance.
  • Fiduciaries: Review the individuals you have named as trustees or powers of attorney to ensure they remain the best choices for their roles.
  • Tax Laws: With the ever-changing tax landscape, it's important to review your trust with a Milford trust lawyerto ensure it is optimized for tax efficiency.
  • Life Changes: Reflect on any significant changes that might impact your trust, such as relocating to a different state or changing your financial goals.

The Role of Your Milford Trust Lawyer in the Review Process

A thorough review of your trust can be complex. A Milford trust lawyer can help navigate the nuances of your trust, ensuring that it continues to work in your best interest and adheres to current laws and best practices.

Bottom Line: Keep Your Trust Aligned with Your Life

Don't let another tax season pass by without ensuring your living trust is current. Contact our Milford trust lawyers at 203-877-7511 for a comprehensive review. Whether it's updating beneficiaries, re-evaluating assets, or adapting to new tax laws, we're here to guide you through the process, ensuring your trust meets your current needs and future goals.

Contact our will and trust planning lawyers in Milford and Hartford, Connecticut.