Keeping Your Revocable Living Trust on Track

To minimize estate taxes and prevent the disclosure to the public of one’s personal financial information upon death, many clients of the firm have established revocable living trusts. The terms of such trusts will govern the distribution of assets upon death.

In order for the terms of revocable living trusts to be carried out in the manner intended, it is important that assets are titled, and beneficiary designations are made, consistent with those terms. From time to time, it is prudent to review beneficiary designations and the documents evidencing title to assets to determine how they currently read. You should review the title on brokerage accounts; beneficiary designations under life insurance policies; beneficiary designations under qualified plans, nonqualified plans and IRAs; and title to your residence.

If title to your assets and beneficiary designations do not yet reflect the changes that were recommended, or if you are now uncertain as to those recommendations, then please contact your Burke, Warren attorney.

More information is available from Karen MacKay 312/840-7009 or kmackay@burkelaw.com and Marty Ryan at 312/840-7060 or mryan@burkelaw.com.