Beneficiaries & Wills
It is important to think ahead and anticipate as many modifications you might wish you could make before creating the trust. An irrevocable living trust cannot be modified under most circumstances. Choose successor beneficiaries in case the original beneficiaries pass away. Should all beneficiaries pass before the grantor, the property will return to the grantor’s estate. (Probate, creditors’ claims, and taxes will then apply.) Additionally, consider making a “pour-over” will to leave any property to the trust.
If you already have an irrevocable living trust, please contact us for a review. FSG is happy to talk about the advantages and disadvantages of trust modification or termination, what action would be needed, cost, and benefits. For more information on trust types, tax-reduction strategies, and how an irrevocable living trust may protect your wealth and accomplish your estate planning goals, set up an appointment today.