Modernizing Your Estate Plan

Estate plans evolve—or at least they should. If your plan no longer matches your current goals or your financial and family circumstances, it’s time for an overhaul. For the new decade, is it time for a new estate plan? Here are a few signs from Riverside Healthcare Foundation that it might be time to take another look.

How to know if you have an outdated trust

If your latest will or trust was signed in 2012 or before, it’s time to revisit it. There have been many legal and policy changes since then, and your documents likely no longer work as well as they could. If you signed your will or trust since 2013 but it’s been more than three years, now is the time to make sure your plan still matches your priorities and circumstances.

Beyond the professional success Jean saw as a businesswoman, she demonstrated an equally profound personal investment in the community. Jean was active in her church and several other local organizations. However, one of Jean’s most significant impacts in our community was right here at Riverside Healthcare.

Quality estate planning is an ongoing process

Like so many other things in life, proper estate planning is an ongoing process. Riverside Healthcare Foundation keeps up with the latest developments in legislation—and talking to a financial planner every few years ensures that you are staying on top of updates to laws and your life circumstances.

You are not trapped by old plans, even when they’re “irrevocable”

You may have an irrevocable trust of some kind, which means the terms of the arrangement generally cannot be amended, modified, or revoked. This might include inheritance from a parent or grandparent—or even one you made yourself. Modernization is a more involved process for an irrevocable trust, due to their many boundaries. However, Riverside Healthcare Foundation has an array of tools at our disposal to “remodel” or modernize an existing irrevocable trust; these tools can include decanting, trust protector restatement, judicial modification or non-judicial settlement.

You’ve probably heard about decanting. It is an increasingly popular option and borrows its name from the decanting process used for wine. Just as you can remove unwanted sediment from wine by pouring it from its original bottle into a new bottle, you can pour the assets from one trust into a new trust—and remove the unwanted terms established in the original trust.

There are many other strategies and legal tools that can be used to modernize old estate plans. Since each plan is unique, the way to update it will be as well. Coming up with the most effective strategy requires careful consideration of your current goals and needs, as well as your tolerance for risk.

Are you looking to plan your legacy gifts or include Riverside Healthcare Foundation in your estate? Our estate planning experts at Riverside Healthcare Foundation are here to help you. Whether you need guidance on updating your estate plan or want to learn more about planned giving options, we have the knowledge and resources to assist you. Contact Ann Offermann at AOffermann@rhc.net or (815) 933-7799 to start planning today.