Clients sometimes tell us: “I hate my trust.” What they usually mean, of course, is that they don’t understand it. Or perhaps they think they paid too much to set it up. Sometimes clients believe they no longer need a trust. So should they revoke the trust and start over?
Usually the answer is “no.” As we explain in this week’s Elder Law Issues podcast episode, once a trust is in place there’s almost never a good reason to revoke it. Even if we would not recommend that you create a trust in your current situation, that’s not the same as suggesting that you revoke your existing trust.
The bottom line: even if you hate your trust, it’s not necessarily time to eliminate it. When we meet to discuss your estate plan, we’ll go over the alternatives and make sure you are comfortable with your documents.