What if you put together an estate planning tool now, but it’s no longer relevant for what you want in the future? Coming up with a plan that addresses your current needs but also allows for flexibility over the years can be a challenge. This is why it’s best to find a NH estate planning lawyer who can help you as your needs evolve.
A trust is a powerful estate planning tool. It gives you privacy, flexibility and the opportunity to control what happens to the assets you place inside the trust. A revocable trust, however, comes with an additional layer of flexibility in that you can revoke this trust or amended at any point in time. This raises the question of why someone would want the revocable benefits of a trust. Things can change as you go throughout life.
An estate plan that made sense previously may not align with your current values and goals. It is always a good idea to talk to your estate planning attorney about what to do with any expected changes in your estate, including when it makes sense to revoke an existing trust. You may be able to make amendments to the trust to accomplish your goals. Working with your lawyer can help you understand the implications of any decisions made around the trust and other factors you should keep in mind as you update various aspects of your estate plan. Revoking a trust might make sense for your goals, but you may wish to amend it instead or establish new estate planning vehicles to accomplish new goals.