Shrewd Florida residents often revisit important estate planning documents like trusts and health care directives on a regular basis to see if alterations should be made in light of evolving laws or changing family situations. It's especially important to examine the provisions of trusts regularly as these arrangements may become inefficient for tax purposes over time or list individuals who can no longer be relied upon among the trustees.
Trusts are a highly effective way to manage assets for beneficiaries, but the law in this area is complex and changing. Tax law revisions are a key reason to reevaluate the benefits offered by a trust. This has led to many trusts being rewritten to ensure that funds are taxed before they are placed in a trust or after they have been passed on to beneficiaries.
Trusts often include provisions designed to ensure that funds are invested prudently and unnecessary risks are avoided. However, what is considered to be a safe investment now can change over time. The beneficiaries listed on estate planning documents or the individuals who are named as executors or trustees may also need to be modified from time to time.
Attorneys with estate planning experience generally stay informed about changes in the law and tax code that could necessitate alterations being made to trusts they have drafted for their clients. They may also point out the various benefits of trusts to individuals who may not have considered them. Benefits include avoiding the public glare of probate proceedings and providing testators with a great deal of control over the way that their wealth and property are distributed.