Many people avoid setting up their estate plan because they feel that once they sign their documents, the decisions are finalized. Although the final version of the documents will come into effect at death, you can always revise your estate plan as things change.
This is why your Trust is referred to as a “Revocable” Living Trust. The fact that it’s revocable means that at any time while you are alive and competent you can change, modify, update, or completely revoke the provisions of the trust agreement.
The decisions that need to be made as part of the estate-planning process are significant. They are numerous and emotional. “Who will care for my children when I’m gone?” “What are my end-of-life preferences?” “When do I want the plug pulled?” Often, due to indecision, a client will do nothing.
In these days when changing your estate plan could simply entail copying and replacing a name throughout the documents on the computer, the feeling of permanency in setting up your estate plan shouldn’t prevent you from getting started.
If you are considering making a change to your estate plan (Will, Trust, Power of Attorney, Health Care Directive), we recommend speaking with an experienced estate planning attorney so that they can provide you with professional advice.