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Day 21: Reviewing Your Trust Regularly – Keeping Your Wealth Plan Up to Date

Writer's picture: John DebellotteJohn Debellotte

Updated: Jan 22

Creating a trust is a significant step toward securing your family’s financial future, but the work doesn’t stop there. Regularly reviewing and updating your trust ensures that it continues to reflect your family’s changing needs and circumstances.


Why Regular Trust Reviews Are Essential

Over time, life changes—marriages, births, property acquisitions, and shifts in financial goals. If your trust isn’t updated to reflect these changes, it can lead to disputes, delays, or assets not being distributed as intended.


Key Benefits of Reviewing Your Trust:

  • Keeps Asset Distribution Current – Ensures new assets and beneficiaries are included.

  • Reduces Tax Liabilities – Adapts to new tax laws and regulations.

  • Protects Family Unity – Minimizes potential conflicts by clarifying asset division.

  • Safeguards Wealth – Ensures trustees are prepared to manage evolving investments and family needs.


When to Review Your Trust

  • Annually – A yearly review ensures your trust stays aligned with financial growth and family dynamics.

  • Major Life Events – Update the trust after significant milestones:

    • Birth or adoption of children or grandchildren

    • Marriage or divorce

    • Purchase of major assets (property, business, etc.)

    • Death of a family member or trustee

    • Changes in tax laws


Real-Life Example: The Robinson Family Trust

  • Scenario: The Robinsons created a trust 15 years ago but never updated it. After a second grandchild was born, they realized she wasn’t included in the trust.

  • Action: They worked with DeBellotte Global Ltd. to update the trust, ensuring both grandchildren were listed as beneficiaries.

  • Outcome: Their updated trust secured equal distributions for both grandchildren, avoiding potential disputes.


Steps to Review and Update Your Trust

1. Inventory Current Assets

  • List all new properties, investments, and accounts.

  • Remove assets that have been sold or liquidated.

2. Review Beneficiaries

  • Ensure new family members are added.

  • Remove individuals no longer part of the plan.

3. Evaluate Trustees and Successors

  • Confirm the current trustee is capable and willing to continue.

  • Appoint successor trustees if necessary.

4. Update Distribution Guidelines

  • Reflect changes in how you wish assets to be distributed (e.g., age milestones, educational goals).

5. Assess Tax Implications

  • Work with DeBellotte Global Ltd. to ensure your trust aligns with updated tax laws to minimize liabilities.


Common Areas Often Overlooked in Trust Reviews

  1. Digital Assets – Cryptocurrency, online businesses, and social media accounts.

  2. New Business Ventures – Business interests need to be included in the trust.

  3. Foreign Investments – Offshore assets must align with local regulations.

  4. Charitable Contributions – Update philanthropic goals and donations.


Real-Life Success: The Harris Family’s Updated Trust

  • Action: The Harris family regularly reviewed their trust every three years.

  • Outcome: Over 20 years, their trust expanded to include new properties, grandchildren, and international investments. Their wealth distribution remained clear and conflict-free.


Why Choose DeBellotte Global Ltd. for Trust Management?

  • Comprehensive Reviews: We offer annual trust reviews to ensure your assets and beneficiaries are up to date.

  • Global Expertise: We specialize in managing trusts with international assets.

  • Family-Centered Focus: Our goal is to help your family’s wealth grow while preserving harmony across generations.


Your Action Item for Today

  • Schedule a Trust Review: Contact DeBellotte Global Ltd. to assess and update your trust.

  • List Recent Life Changes: Identify any new family members, assets, or goals that should be added to your trust.

  • Set a Reminder: Mark an annual review date on your calendar to stay proactive.


Final Thoughts

A trust isn’t a one-time solution—it’s a living document that evolves alongside your family. By reviewing it regularly, you ensure that your wealth is not only protected but also distributed in a way that reflects your family’s growth and changing priorities.

Stay tuned for Day 22, where we’ll explore how trusts can be used to fund education and create lasting opportunities for the next generation.


Join the Conversation:When was the last time you reviewed your trust? Share your experiences or questions below!

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