Trusts have a time-honored and ancient tradition. There is no shortage of occasions where one person wants a third-party to manage property for the benefit of someone else, which is basically what a trust is. A settlor creates the trust and a trustee manages the trust property for the benefit of a beneficiary.
Hundreds of trusts are created every day for both personal and business reasons.
Nevertheless, as Forbes points out in an article entitled "Trust Me, You Should Review Your Trusts," creating a trust does not mean you can forget about it.
Trust terms need to be reviewed and changed when necessary.
Some things can make a trust less than ideal. For example, market changes can make trust-mandated investment strategies unwise. Tax law changes can make trust terms counterproductive. In some cases, changes to public policies or other law changes can make trusts terms unenforceable.
When these types of things happen it is foolish not to update a trust to align it with current laws and market forces. Even irrevocable trusts that appear on their face to be set in stone can often be changed if everyone agrees and the changes are in accordance with the purposes of the trust itself.
It is generally advisable to maintain contact with an estate planning attorney who can inform you about changes that might make changing your trusts necessary.
If you have not spoken to an attorney in several years, then schedule an appointment and ask for a full review of your trusts.
Reference: Forbes (Dec. 14, 2015) "Trust Me, You Should Review Your Trusts,"