How often should I review my family trust?
An example of an AI chatbot conversation about reviewing family trusts and their importance.
How often should I review my family trust?
It's generally recommended to review your family trust every 3 to 5 years, or after major life events.
What major life events should prompt a review?
Events like marriage, divorce, the birth of a child, or significant changes in financial status should prompt a review.
What should I look for during the review?
Check if the beneficiaries are still relevant, if the trust terms align with your current wishes, and if tax laws have changed.
Can I make changes to the trust myself?
It depends on the type of trust. Some allow for changes, while others may require legal assistance.
Should I consult a lawyer for the review?
Yes, consulting a lawyer is advisable to ensure all legal aspects are properly addressed.
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