Revisit Your Trust and Will

If your life changed, your plan should too.

You created your trust back when low-rise jeans were a thing. If your trustee is still your ex, your emergency contact is your college roommate, you got married, and your kids weren’t even born yet, you need to update your trust and will.

Prince, one of the most meticulous and visionary artists in music history, didn’t get around to writing a will. You’re not alone if you haven’t either. And if you created a will and willed your 1960s VW Bus to your best friend, but then decided to give it to your child years later, it can end up back with your best friend. Friends and family will fight over what they stand to benefit from, so when life changes, so should your will.

It’s understandable why people don’t want to think about things involving death and property. It’s too much to think about. The emotional and financial pain experienced by those left behind, aside from mourning, will often tear families apart.

If you own property not in a trust but have it in a will, the probate court will be your heirs costly hurdle. Your music collection, jewelry, artwork, all these things can be fought over in probate court. In California, probate can be expensive and take 9 to 22 months to settle.

Revisit the idea of a trust if you own property. You likely considered a trust before you did your will. You likely thought a will would be enough, so you passed on the trust. That pass will cost money later. Do you really want your heirs to wait years and incur the cost of probate court? This isn’t legal advice; it’s a real-life scenario often played out when a family member passes. At any time, life can change.

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