Dear Clients and Friends:
I would have retired years ago if my following response were not true. Keep reading:
CLIENT QUESTION:
I currently have an irrevocable trust set up by you. I also have a revocable trust set up in 1999 before I did my irrevocable trust. I had your firm do some minor changes to that revocable trust. However, I still have a few bank accounts and some annuities, or life insurance policies registered in that revocable trust. My question is…my daughter has since been married 10 years after the revocable trust was set up and she is one of the contingency beneficiaries on them. Do I now have to change her last name with each account that has her maiden name listed on said accounts? Will there be a problem when I pass for her to be able to collect on any policy in these trusts?
Thanking you in advance for taking the time to answer all of our questions. Your responses to these questions have been invaluable to us in planning, thinking and having peace of mind about our future needs and concerns. You are our Jim Cramer (Mad Money fame) of the Law Industry!
MY RESPONSE:
This question made me laugh and I am honored by the kind words offered.
The answer is simple though. THERE IS NO REASON TO CHANGE YOUR DOCUMENTS BECAUSE OF A CHANGE OF NAME OR ADDRESS FOR YOURSELF OR YOUR BENEFICIARIES.
I always joke that I would have retired years ago if everyone had to update their plans every time they or their children married or moved. But, alas, no changes are needed (although it can’t hurt). It is easy to furnish a marriage certificate showing the new name later. Also, the original address still suffices to identify you or your beneficiary at a moment in time.
However, if there arises another reason to amend your trust, we can change the addresses or new married name at that time.
I guess I have to get back to work! 😊
