The simple answer is no.
Most trusts drafted by estate planning attorneys are amendable and revocable. The main idea behind having a trust drafted is protection. A trust protects your beneficiaries in two major ways.
First, a trust allows you to leave your assets to the people you choose in the manner you desire. For instance, you can specify that your underage child will not inherit until age 30 to protect him or her from blowing his or her inheritance the second he or she turn 18 years old.
Second, a trust protects beneficiaries from the long and costly probate court process. Without a trust, in many cases, your beneficiaries will be stuck in the expensive probate court process for approximately a year, at a minimum, to transfer title of real property.
However, once a trust is drafted, will you be stuck going back to the drafting attorney and paying expensive fees for each minor change?
Again, the answer is no.
Changing accounts and property is relatively simple.
Buying a new property? Simply buy the property in the name of your trust and sign all documents as “trustee.”
Switching banks? Simply name the trust as the beneficiary of each account—or open the new account in the name of the trust.
Switching a beneficiary? Like many estate planning attorneys, I include blank amendments with my estate plans that will allow you to make simple changes without paying attorneys’ fees.
Although drafting is a complicated process for the attorney, having a trust actually takes little to no additional effort from the client. My clients are happily surprised how simple having a trust actually is.
Tony does not charge for initial consultations. For more information, please contact Tony at 5703 Temple City Boulevard, 626-285-7033, or ttyre@tyrelawgroup.com.
