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A trust drafted 10 years ago may be dangerously outdated. Tax laws change, families change, assets change. Regular audits ensure your plan still works.
60%+
Trusts Needing Updates
Haven't been reviewed in 5+ years
Major
Tax Law Changes Since 2017
TCJA, SECURE Act, SECURE 2.0
Every 3-5 yrs
Review Frequency
Or after any major life event
Trust Audit Checklist
| Feature | Check | Common Issue |
|---|---|---|
| Successor Trustee | Still alive and willing? | Named person moved, aged, or relationship changed |
| Beneficiaries | Still correct? | New grandchildren, divorce, estrangement |
| Asset Funding | All assets IN the trust? | New accounts/property never titled to trust |
| Tax Provisions | Current with law? | Outdated estate tax planning (pre-2017) |
| Distribution Terms | Still appropriate? | Child now responsible (or irresponsible) |
| State Law Changes | Still valid in your state? | Moved to a different state |
Routine Review
Meet with estate attorney. Review all provisions against current law and family situation.
Technical Updates
TCJA 2017, SECURE Act 2019/2022 changed distribution rules. Update accordingly.
Beneficiary Updates
Marriage, divorce, new children/grandchildren, death of beneficiary or trustee.
Asset Funding
New real estate, new accounts, business acquisition — must be titled to trust.
State Law Compliance
Trust law varies by state. Ensure validity and tax efficiency in new state.
Pull Trust Document
Read it (or have attorney summarize). Note all named people, assets, and provisions.
Verify All Assets Are Funded
Check title on every account, property, and investment. Is it in the trust's name?
Check Named People
Trustee, successor trustee, beneficiaries, guardian for minors. All still appropriate?
Review Distribution Terms
Age triggers, conditions, spendthrift provisions. Still make sense?
Meet with Attorney
Discuss law changes since last review. Amend or restate trust as needed.
The #1 Issue: Unfunded Assets
Key Takeaways