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Do you understand your estate plan's trusts?

This Moorestown estate administration legal blog has previous discussed a number of different types of trusts that an individual may include in his personal estate plan. Trusts may be revocable or irrevocable, they may be created to benefits charities or they may be established to care for loved ones with special needs. Trusts can take on many forms and serve a variety of intended purposes.

It is not unusual for an individual to create a plan for the person's wealth and in that plan include one or several trusts. Each trust may have its own trustee and its own set of beneficiaries who will receive the trust property at the time stipulated in the testamentary device. Between trusts, wills, insurance funds, retirement accounts and the myriad of other devices a person has operating in the person's estate plan, an individual may become unsure of what each part is intended to do.

If you have not reviewed your estate plan and the trusts included therein in quite a while, now may be a good time to do so. Even if our firm did not initially help people create their foundational estate plan, the Donnelly Ritigstein Law Offices can help people work through the devices to ensure that they still serve their interests and needs. Over time, families change and relationships dissolve. Maintaining a regular review of trusts and other testamentary documents can be a good way to keep a person's estate plan up to date.

At the Donnelly Ritigstein Law Offices, our attorneys can assist people with a variety of estate planning and estate administration tasks. From creating a new personal estate plan from scratch or modifying an existing one to better reflect the current state of a person's testamentary desires, our firm can provide people with the knowledge they need to make responsible decisions about the future. Having an estate plan is important, but so is keeping it up to date.

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