5 Rules Around Revocable Living Trusts Seniors Should Review With an Attorney Before June

Mature couple, home and smile with tea on sofa in living room on break, bonding and relax. Many seniors assume their revocable living trusts can be left alone, but they should evolve as your life changes. PeopleImages/Shutterstock

Many seniors believe that once they create a revocable living trust, their estate planning is finished for life. In reality, laws, tax rules, beneficiary situations, and healthcare planning needs can change quickly, especially as retirement progresses. Estate attorneys say spring and early summer are popular times for trust reviews because families often gather, finances get reorganized after tax season, and many retirees reassess long-term care plans before the second half of the year begins. A revocable living trust can be one of the most powerful tools for avoiding probate and organizing assets, but small mistakes can create expensive legal headaches later. Here are five rules everyone should review with their attorney (sooner rather than later).

1. A Revocable Living Trust Only Works if Assets Are Properly Funded