As the year winds down in Colorado Springs, many people take stock of what they accomplished, what still needs attention, and what they want to improve in the months ahead. That reflection makes this the perfect time to review your living trust. A trust isn’t something you sign once and forget—it should evolve as your life, family, finances, and long-term goals change.
A short year-end review helps ensure your trust is current, properly funded, and ready to work exactly as you intend. Even if everything seems in order, a few minutes spent now can prevent confusion and reduce stress for the people you care about most. Below are the key areas to focus on during a year-end trust checkup.
1. Reflect on Life Changes Over the Past Year
Life moves quickly, and even small changes can affect your estate plan. Start by thinking through the events that shaped your year.
Major life events to consider
- Marriage or divorce
- Birth or adoption of a child or grandchild
- A death in the family
- Changes in income, savings, or investments
- Buying or selling a home
- New business interests or major purchases
Any of these can influence how your trust should function. Even subtle shifts in relationships or responsibilities may impact who you want included—or excluded.
2. Review and Update Your Beneficiaries
Beneficiary designations are at the core of every estate plan. Relationships evolve, families grow, and your trust should mirror those changes.
What to confirm
- Your primary beneficiaries are current
- Contingent beneficiaries still make sense
- Any specific gifts are still appropriate
If someone in your family welcomed a child, remarried, or experienced a major life change, this section may need updating.
3. Make Sure Your Trust Is Properly Funded
A living trust must be funded to work correctly. One of the most common—and costly—mistakes is having a detailed, beautifully drafted trust that doesn’t actually hold your assets.
Funding items to check
- Your home is properly titled in the trust
- Rental or investment properties are included
- Bank and investment accounts are titled correctly or have coordinated beneficiary designations
- New assets—vehicles, real estate, business interests—have been added
For Colorado Springs residents who refinanced this year, this check is especially important. Refinancing often removes the trust from the title, and retitling afterward is easy to overlook.
4. Evaluate Your Trustees and Successor Trustees
Your trustees are essential to how smoothly your plan works. The person who seemed like the perfect choice years ago may no longer be the best fit.
Questions to ask
- Is your trustee still willing and able to serve?
- Are your successor trustees still people you trust?
- Has anyone’s health, availability, or relationship with you changed?
- Does the order of succession still make sense?
A strong trustee lineup helps prevent future conflict, delays, and unnecessary legal issues.
5. Revisit Your Distribution Instructions
Your trust doesn’t only say who receives your assets—it also explains how and when they are distributed. As your goals and family needs evolve, those instructions may need to shift.
Consider reviewing
- Distribution ages for minor beneficiaries
- Whether you’d like distributions tied to education, health, or financial milestones
- Whether staggered distributions might be better than a lump-sum
- If any beneficiaries need added protections or structure
Even small adjustments can give your trust better alignment with your values.
6. Review Any Colorado Real Estate Held in the Trust
Colorado Springs continues to grow, and many residents now own multiple properties—primary homes, rentals, cabins, or investment properties. If you made any real estate changes this year, confirm that your trust reflects them accurately.
Real estate updates to check
- Buying or selling property
- Refinancing
- Title changes
- Adding property to an LLC
- Adjusting ownership shares
Since real estate is often the largest asset in a trust, accuracy here is critical.
7. Update Powers of Attorney and Medical Documents
Your living trust works best when all your supporting documents are current.
Documents to revisit
- Medical power of attorney
- Financial power of attorney
- HIPAA authorization
- Emergency contact information
- Advance directive or living will
- If any appointed agents moved, changed circumstances, or no longer reflect your wishes, update those documents now.
Start the New Year Feeling Prepared
A year-end review of your living trust is one of the simplest ways to keep your estate plan accurate and protect the people you love. A well-maintained trust reflects your current priorities and gives your family clarity during moments when it matters most.
If you’d like help reviewing your trust or making updates that reflect your life here in Colorado Springs, our team at Mason Law & Planning Group is here to guide you. Contact us through our website or give us a call to schedule a time that works for you.