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When Is It Time To Restate Your Estate Plan? · The Jon Sanchez Show

• Jon G. Sanchez: Good Wednesday afternoon to you. Welcome to the John Sanchez show on News Talk 780KH. Pleasure to be with you this Wednesday, this hump day, the end of the month, end of the quarter. Can you believe it? I did a double take on the calendar today, September 30th. Unreal. Unreal. Where did 2026 go? I I just don't know. I just don't know. But before we know it, we're gonna be saying happy Thanksgiving and Merry Christmas and everything else. Well, anyways, thanks for being with me. I do appreciate you so much. Let me tell you what I have lined up for today. I'm gonna go through today's stock market recap, of course, recap the month, recap the quarter, and obviously tell you exactly everything that happened in today's trading action. Kind of a kind of interesting day, very strong weakness in the Dow side of things, okay on the Nasdaq and a little bit weak on the SP, but you know, you can never judge on the last day of the quarter. There's so much what we call window dressing going on where the portfolio managers are realigning the portfolio. to get back in line with their parameters for the new month, the new quarter, so on and so forth. So, you know, it's just like I said, a a tough way to finish this month. I think everyone's kind of going, hey, you know what? I'm glad September's behind us. Which I tell you what these interest rates did. I I couldn't believe this when I tell you the numbers, what we did for the month on the interest rate side for the 10 year treasury. Just absolutely amazing. Absolutely never seen something like it. So anyway, a lot of details to share with you. But let me tell you what I'm gonna get to As far as my topic is concerned. Well, it's Wednesday. You know, I always try to bring you an estate planning topic to further your education and knowledge in the world of estate planning. And again, if there's anything that we can do to help you out on your estate plan, restatement, new trust, whatever the case may be, please reach out to our company at specialized trusts and estate plans. And you can find us at specialized trusts dot com. and listen to this topic. Here's the idea. You created an estate plan years ago. Sound familiar, right? Years ago. But since then Has your family changed? Have your assets changed? Have the people you trusted changed? Well, today I'm going to explain the warning signs that your estate plan may need more than a simple amendment and how to know when it is time for a complete restatement. So notice these are two different terms here: amendment and restatement. A lot of times people think they're interchangeable and they're not. They're two completely different things. But the bottom line is this. Matter of fact, I've had two wonderful calls today with some absolutely beautiful new clients in regards to trust restatements. These were old trusts. many, many years ago, they were written and their life has changed. We went through, you know, again, what I'm gonna be teaching you today, went through some of the warning signs that they need to consider, and we're gonna be doing trust restatements for them. and and you know, I just matter of fact, to be 100% honest, as I always am. I just did a a trust restatement for myself about three weeks ago. It was time, needed to do it, and I tell you what, what an incredible sense of relief I personally felt. I mean, I restated in my own trust, of course, but what an incredible sense of of relief that myself and my wife felt once once we had that done. So it's it's real, folks. And and again, the last thing in the world that you want to know and and feel is my gosh, my money's not gonna go to the right person. Things have changed. Or once again, we're not gonna really get into the funding issue, but again, assets floating around out there because you wrote your trust so many years ago or you had it written so many years ago. Again, life has changed. You bought things, you've sold things, but your trust hasn't kept up with it. So these are some of the things we're gonna be talking about today as I again get into this topic. When is it time to restate your estate plan? So lots of great stuff that you're gonna learn today, but let's get to the stock market side and teach you a little bit about that issue of it. So here we are, right? We finished a bit weak in the in the final hour. Matter of fact, a pretty sharp sell-off as far as the the Dow was concerned. Let me just kind of hit this number so you know what I'm talking about. So we finished down four hundred and forty-four points on the Dow. That was a point eight six percent loss to a close of fifty thousand nine six. NASDAQ, a small gain of sixty three, about point two four percent, and the SP lost nineteen points to finish at seven thousand six hundred and fifty one. Now, this reversal left the SP 500 down one half of a percent for the month of September. The Dow lost 4.3% for the month, and the NASDAQ composite still finished the month with a small gain, decent gain actually, 1.9%. Now, this divergence reflected one of the defining features of September, I think. Strength in megacap growth-oriented names, strength in AI-related stocks, that contrasted with considerably weaker performance across much of the broader market. And as is a client brought up to me today, he said, John, you've been harping this on the radio for months. This market is being held up by AI. I'm telling you over and over and over again, it is being held up by AI. Not saying that's wrong, but it just requires a bit of planning, concern. Because if AI, for whatever reason, whether it's a data center, as I told the client, I'll share my conversation. I said, as you've heard me say on this show many times. If a data center misses a bond payment, you know, for the billions of dollars it takes to build these things, if you get one of the hyperscalers, a Meta, a Google, any of these that are spending billions, hundreds of billions of dollars in data center buildup, if you get one of them that says, for whatever reason, we're not spending another dime until we see revenue, anything negative, right? I could give you a million different reasons, but anything negative, you will see that space begin to weaken and it will bring this market down. And when I tally these numbers as far as the performance of September, this is exactly what I'm talking about. Again, strength in mega cap growth, strength in AI-related names, but the broader market, weak. Now that pattern was really evident against you know, against the the backdrop of today. It really was. there's a major, I can't tell you the exact name, but a major Mega cap growth ETF up four tenths of a percent for the month of finished up four tenths of a percent today and up 3.2% for the month of September. It's kind of a bellwether that we look at to see how mega cap growth games are doing. while information technology, up six tenths of a percent, was the day's best performer, and that sector gained 4.4% for the month. Software stocks, particularly strong. Another very popular ETF gained 1.2% today. Semiconductors were a little changed today. Left the semiconductor index flat, but the group was one of September's clear standouts with a 9.5% gain. That's right. You heard me correctly. This semiconductor ETF up 9.5% just for the month. Now, one of the highly anticipated stories of the day was gonna happen after the close today, and indeed it did. And that was the earnings release of a tech bellwether. Speaking of the tech names, and that of course is Micron Technology. Stock finished the day up just three cents at 1,065.11. Unfortunately, it's not performing in the after hours. $2.22 loss down 0.21% to $1,062.89. You know, I again, I don't know if we want to say this was somewhat of a mixed report. It depends upon how you really digest this, but I wanted to real quickly give you this because there were some real gems in this. And I should mention that Micron, by the way. It's up a mere 500% in the past year. Not bad. So earnings per share came in at $33.42. Expectation was $31.61. Revenue $54.23 billion. Estimates $51.07 billion. So that's what we call a top of the line and a bottom of the line beat. Revenue, this was the king pen of the report. Revenue almost quadrupled in the fiscal fourth quarter from 11.32 billion a year earlier. To again, as I said, $54.23 billion. I mean, amazing. Micron said they expect revenue of about $61.5 billion and adjusted earnings per share of $38.15. So let me re let me repeat that again. They expect revenue of $61.5 billion. Again, the revenue they just reported, $54.23 billion. So huge increase there. And earnings per share of $38.15. And again, today they're reported $33.42. The street had much lower expectation. The street was looking for $35.40 and $57 billion on revenue. So they blew past Wall Street's expectation. Like I said, the stock up more than 500% in the past year. let's see, anything else? net income the last quarter climbed to 37.7 billion. that's from 3.2 billion a year ago. Can you imagine that? Net income from 3.2 billion to 37.7 billion. You get the idea. It was a heck of a report. I'm not quite sure, to be honest with you, why the stock is not performing in the after hours, other than again, a lot of portfolio shuffling going on. sell the news, buy the rumor type of situation. It's hard to tell. We'll see how it does by the time the opening bell rings tomorrow. But yeah, not not a huge amount of performance going on in the stock right now in the after hours, but what a great, great earnings report. Hewlett Packard Enterprises, HPE, they had a good day today, nice standout in the networking group. Up 3.9% or $2.40 to $63.89. let's see, Jable Circuits was a bit weak, down 10%, 10.06 to be exact, $32.08 loss to $286.76. Meta, after the big announcement last week, we just can't seem to get a lot of steady traction on the stock. Down $13.61, 1.84% loss to $7.25.18, and Google was up about 1% or $3.42 to a price of $3.40.74. let's see. last one I want to mention Moderna, big lager today. Stock, of course, of the COVID era down 5.35%, $10.89 loss to $192.57. the drug down the healthcare sector. And the reason behind the weakness in Moderna, we had Citigroup come out today downgrade the stock from a neutral rating to a sell rating. advancers about nine to five on the New York stock exchange and very slow margin on the Nasdaq. So, like I said, kind of interesting. Here's where we set on a year-to-date basis. Dow's up just 5.9%. NASDAQ 15.6%. SP is up 11.8% for the year. And the Russell 2000 up 12.7. All right. Just a couple more things I want to mention. I'm going to hit the commodity side, interest rate side, and then once again, we're going to get into our topic today. When is it time to restate your estate plan? Welcome back to the John Sanchez show on Newstock 780K Wage. Happy end of September, beginning of the new quarter tomorrow. Amazing. All right, let's recap once again where we finished up for the day. Some late afternoon selling pressure at the Dow. We finished down 444.86%. NASDAQ rose 65, or excuse me, 64.24%. And the SP on the day was down 19 points, about a quarter percent decline there. All right, let's get to the other hot activity, of course, of the month, and that was bond yields. today we rose four basis points to a close of 5.3% on the 10 year. Think that was bad? Listen to these numbers, folks, for the month. Now remember, there's 100 basis points in 1%. The 10 year treasury for the month of September rose 56 basis points. 56, over half a percent in one month. But that wasn't the worst performer. The three year was up 60 basis points for the month. The five year was up 60 basis points. The two year, which again is tied closely to the anticipation of what the Fed's next move is, 55 basis point increase for the month. And the third year up 40 basis points for the month. So once again, what's our takeaway of the bond situation for the month? It was widespread. It wasn't the shorter end of the curve. It wasn't the longer end. It was everywhere. That's why you're seeing these higher rates and pressuring the market. just a few more headlines. gold prices quiet today, four dollar and forty cent rise, four thousand one eighty-four eighty. Oil for the day up a dollar twenty eight to ninety fifty four. Speaking of oil, according to Axios, US and Irantox yielding little progress. Trump says he's evaluating all options for diesel exports. However, what's interesting is oil industry experts or I should say oil industry executives are warning that diesel prices will not return to normal. For more than 12 months. That's according to the Financial Times. OPEC is meeting on Sunday. According to Reuters, they're gonna likely keep their price targets and our production targets, I should say, gonna keep those about the same. mortgage application data came in today down six percent for the week, kind of Wednesday to Wednesday, refinance applications down nine percent, purchase applications down four percent, exactly what the real estate boys say on Tuesday and Thursday. As far as our economic reports of the day, we had the ADP private sector report come in at 515 this morning. Showed the economy doing pretty well on the private sector, up 90,000 jobs according to ADP. We'll of course get the government's number on Friday when we get non-forum payroll data. But that 90,000 increase, that was a nice improvement over the month of August, where we only had 36,000 jobs created in the month of September. Then we get into personal spending. Boy, you were out spending for the month up nine tenths of a percent. But your personal income only rose two tenths of a percent. You see, Wall Street loves that. Wall Street loves when you spend more than what you make. Boy, did we do that in September. Then we get into the granddaddy report of the day, the PCE, the the personal consumption expenditure, the Fed's favorite measure of inflation. Remember, our bogey here, folks, according to the Fed, they want two percent. Yeah, we're a long ways away from that. 3.4%. Year over year, 3.4%. So we have 1.4% to go on the decrease side to get to the Fed's mandate of 2%. So hot number, but guess what? It was less than what Wall Street was anticipating. So the street didn't get upset about it. Strip out food and energy, get to the core, 3%. Still, still well above the Fed's target. So you know, again, higher oil prices played a major part in in all the data and the performance or lack thereof performance for the market. for the the month of September. It was definitely a a month that was dominated by inflation, tied into rising oil prices, tied into higher bond yields. It was really a simple formula for the month. but again, very substantial seeing that 56 basis point increase on the tenure for the for the month of of September. Just just mind boggling. Just mind-boggling. Okay. I think I've covered everything that I wanted to cover. You are now up to date on today's market activity. You're up to date on what happened for the month. Let's get ahead start on our Wednesday estate planning topic. When is it time to restate your estate plan? Well, first of all, I want to welcome you to Estate Planning Wednesday. Every Wednesday, after I do my market recap, I bring you an estate planning topic. Why I am passionate about it. You work so hard to build all your assets, build your estate. But very few people take the time to maintain their existing estate plan or much yet get an estate plan created. Well, check out our website, specialized trust.com. You see how quickly we can do it. We can create an entire estate plan for you in two hours from the comfort of your home. Price tag 3,649, fractionally less than what most companies in Reno charge. But let me begin with a statement that may surprise you. Your trust can be perfectly legal, properly signed, and completely wrong for your family of today. And why do I say that? Well, it's because your estate plan was created for a particular moment in your life, right? That snapshot, that one particular time, that day when you wrote your trust or you signed your trust. At that point, when you had it created, it reflected the people you loved, the assets that you owned, the laws that were in effect at that time, and the decisions you had made at that time. But guess what? Your life did not stop changing the day you signed the trust. Children grew up, grandchildren were born, parents passed away, marriages began, and sometimes they ended. You bought property, you sold businesses, you opened retirement accounts, you accumulated more wealth, or maybe you even moved to another state. Meanwhile, your trust may still be operating under decisions that you made 10, 15, or even 25 years ago. It's not uncommon that I see trusts that are 25 years old. So today I'm answering some very important questions for you. When is a simple amendment enough? And when is it time to restate your entire estate plan? And again, I'm going to start off when we come back by explaining the difference, first of all, of what is an amendment to your estate plan versus what is a restatement. And then we'll start going through all the details. The John Sanchez Show on New Stock 780 KOH. Once again, a challenging day on the Dow side of things. Lost 444, NASDAQ gained 64, and the SP lower by 19. Just got some breaking news that just came out a second ago, literally about five seconds ago. Neil Kashkari, of course, now a voting member of the Fed, just came out and said inflation is too high, even after softer than expected PCE data. And remember, remember we joked about this on the show yesterday with with Corey and Dwight? And I said, isn't it amazing how These different Fed governors come out and trying to confuse investors. Let's just say that. Remember, we had the one Fed member yesterday come out and say, hey, you know what? Based upon the data, we're in no hurry to raise interest rates. And we immediately saw the Fed probability drop from over 60% of an October interest rate increase of a quarter percent to let's see, where did we sit today? it came down pretty substantially. I think we're in the like high thirty percent range, if I remember correctly, somewhere around there. But anyways, and now you have another Fed member come out and say just the opposite of the Fed member yesterday. I thought Kevin Worst was gonna stop all these games with the Fed members. I really did. I thought that's kind of what he promised everybody, but looks like it is absolutely more of the same. I just checked the futures. of course they started trading at three o'clock, so nothing nothing too major by any means. Dow features it looks like we're up about seventy four. NASDAQ's up fifty two and the SP is higher by fifteen. All right. Let's those hold and they build on that. Okay, let's get back to our estate planning topic for this Wednesday. When is it time to restate your estate plan? All right, so I've got a lot to cover. I'm gonna go fast. please, if you want to learn more about this, all you gotta do is go to specializetrust.com Click on our let's get started. That will schedule a 30-minute video conference with me. There's no charge. Let's just talk about your situation. That's all we have to do. Why have sleepless nights wondering, do I need an amendment? Do I need a restatement? Is everything fine? I'll help you make that decision. And I want to throw this out there because I haven't mentioned this since since this business was launched. We have some very exclusive technology where we can take your existing trust, we put it into four Large language closed AI models. They will and these models or large language models, LLMs, they will analyze every single word of your big fat trust notebook that you have all your documents in there. Every single word. And then it will give me three reports that I will share with you. One is a general overview. One is here's what's wrong, or here are the things that are wrong. And then the third is a beautiful graphical illustration of. Who your successor trustee is, who your agents are, everything to refresh your memory. And then we talk about it. Sometimes everything's great, but most of the time there are things that need to be changed. And especially as you'll learn here, if your trust is around five to seven years old, please take advantage of it. Now I will tell you, I'm gonna do something. My staff doesn't even know I'm gonna make this announcement, but I'm gonna do it. For those of you listening today, normally we charge $1,200 to review an existing estate plan. If you contact our office at 260-3875, 260-that's 775-260-3875. If you contact our office or go online and make the appointment, today and today only, I will waive the $1,200 fee. I'm in a very generous mood today. I'm so grateful for the life that God has blessed me with and for the ability to sit behind this microphone every day. I had some incredible meetings today, being able to help out families both on the financial management side and on the estate planning side. I am a blessed man. I want to give that back. So again, Today and today only, I'm waiving the $1,200 fee for your a complete review and your 30-minute review discussion with me. So take advantage of it. 260-3875 or again online at specialized trust.com. All right. Amendment or restatement. What the heck is the difference? Because lot of people, they they use the terms interchangeably, and it's not. Not at all. Let's start with the amendment. An amendment changes one or more specific provisions of your existing trust. So an example of an amendment. You might need to change your successor trustee. That's the person, what I call the big dog, the person that's gonna oversee your estate when you're gone. It may be replacing one of your beneficiaries, changing a specific gift, correcting a name or an address, or let's say adjusting one distribution provision. So think of the amendment as replacing a few pages of an existing instruction manual. Okay. Now a restatement, which we do a lot of these, is much more in detail. The restatement replaces the operative provisions of the original trust with a completely updated document. And I'm not talking just updating the revocable trust. I'm talking updating the three other components of your estate plan: your poor over will, your financial, and your medical powers of attorney, and all your wishes related to those. Okay, remember four basic plan components of an estate plan. So generally the trust. retains the original identity. What I mean by that is if you had your trust written, I know, it doesn't matter what year, 2010, we're going to keep the same name. We're just going to change the internals of it, right? To bring it up to date. Because we don't want you to have to go through and, you know, open new bank accounts, brokerage accounts, et cetera. So we want to keep that same name and legally it can be done. So the trust is going to retain the original identity, but the instructions governing that revocable trust are rewrit rewrit re. Written. Spit it out, John. They are rewritten. Now that continuity may help you avoid having to start all over with every asset already titled in the trust. Although things like deeds, accounts, beneficiary forms, and the trust's exact identity must be reviewed carefully. So I want you to think of the restatement as keeping the original book title, but you're replacing all the pages in the book. Sometimes the changes are so fundamental that some of the profession may recommend revoking the existing trust and establishing a new one. That requires additional attention because assets may need to be transferred from the old trust to the new one. rarely does this happen where you're going, you know, the Sanchez Family Trust is now going to be the John G and making our Sanchez family trust, right? You're changing the name, which means we got to retitle everything. We don't want to do that, right? So rarely is that done. But there are instances. And remember, Nevada law makes the trust document itself critically important. A trust is irrevocable unless the settler, you, expressly reserve the right to revoke it, which should be part of your original documentation. And also that it has the verbiage in there, that you have the amendment authority. That also depends upon the instrument. But then we get into things like irrevocable trust. They present a whole different set of challenges and situations. I'm not going to go down that path. We'll do that another time. So here's my rule of thumb on this. If you're changing one isolated instruction, probably an amendment's going to be fine. But if you're changing the plan itself, you may want to consider a restatement. So want give you a three part estate plan test that I go through with people. Every estate plan review should examine three things. Number one, the people. Okay. So this is a self test, by the way, I should mention. The people. You need to ask yourself this are the right beneficiaries included in my estate plan? Is anyone included who should no longer be there? You know, maybe you listed your, I see this a lot. Listed my brother when I originally had it done. Don't like him anymore. Or God forbid he's passed away. So is anyone included who should no longer be there? Are the successor trustees still alive, capable, and willing? Is the person holding financial power of attorney still the right person? Is your healthcare agent still the right person? Have there been births, deaths, marriages, divorces, or estrangements since you wrote the trust originally? And does a beneficiary now maybe they have a disability, an addiction problem? I come across this a lot. Creditor problems or an unstable marriage. What I hear a lot is I love my son, I love my daughter-in-law. But guess what? If they get divorced, I don't want my daughter-in-law getting the money. I want it to go to my grandkids. You have the ability to put that verbiage in the revocable trust. So keep this in mind: the people you trusted, let's say you wrote the trust 15 years ago, may not be the people that you would choose today, right? That's why we kind of do this first test, the people test. And remember, Changing the trustee in your trust does not automatically change the agent in your powers of attorney or healthcare directive. I had this discussion today. Those are separate documents. So once again, if you name a successor trustee, again, the person that's going to handle your estate when you're gone, you may have had Sally in there. Now you want to put Jane, but you may have Fred as your agent in your financial or medical power of attorney. That's fine. They can be separate people. Most of the time, what I see is people want the same person. They want one person handling everything. That's fine. It's completely your prerogative. But don't assume because you change the successor trustee that it's automatically going to change again the agents and the powers of attorney for the healthcare of the medical. Okay, test number two, the property. Ask yourself this. What did I own when the trust was created? What do I own today? Have I purchased property in another state? Have I started or sold a business? Has my net worth changed substantially? Are my bank and investment accounts titled correctly? Have I reviewed my retirement accounts, my annuities, my life insurance beneficiaries? Does the trust address digital assets, right? Those were never around if you had your trust written 10, 15 years ago. Online accounts, cryptocurrency, that was not around. Probably online accounts were not around if you wrote had the trust created years ago. So you see how a lot of things have changed? Your trust hasn't. Because a beautifully written trust cannot control an asset that it never reaches or that it controls. Remember, if you have an existing trust and you've got. You know, 99% of your assets titled that that should be titled under the trust, not not retirement accounts or annuities or life insurance, but your taxable accounts, they're titled under the trust. But that 1%, that one credit union account you opened a couple of years ago, you just kept it in your name or you and your spouse's name. Guess what? That account could go to probate. While everything else avoids probate, you didn't put that account in the name of the trust. That's what I mean. A trust, beautifully written trust, cannot control an asset it never reaches. And remember, A restatement does not correct an IRA beneficiary form. The beneficiary designation on the account will normally control, not the instructions inside your trust. Again, the analogy I always give: who you've listed as your beneficiaries on your IRA application, that's the master rule of instructions. Not who you've listed in your trust. They should match. Sometimes people forget or they don't do it. They should match. Your trust will not be overridden by what's on that. IRA application. All right. We'll come back with the number thirty test, the purpose. Back to the John Sanchez show on News Talk 780KOH. Once again, I want to give you that offer that I just created. I came back from that last break. I will review your existing estate plan at no cost, but you have to contact us today. Get on the list. Go to specializetrust.com, set up a discovery meeting with me. That'll qualify, or call the office at 260-3875, and that will qualify you. But only today. Save you that $1,200. Okay, we're talking about the three warning signs that you may need to have your trust restated. Again, as I said, a warning sign number one, or excuse me, I'm jumping ahead. I've got too much to talk to you about and I got about three minutes, so I gotta go fast. I was talking to you about the three part estate plan test. Again, the people. Ask yourself do I have the right beneficiaries? Is anyone included? Should no longer be there, et cetera. Second point I said was the property. What did I own when the trust was created? What do I own today? Have I purchased property in another state? I have started a soldier business, all these different things. Now, number three, the purpose. So ask the most important question. Does my estate plan still accomplish what I want it to accomplish? Maybe you originally wanted your children to receive everything outright at age 25. I see that all the time. I see that all the time. But today you may want inheritance protected inside the the the trust. In other words, you may want to have your children's money going to them inside of a trust where you've set up the rules. And one of the most common things is, especially if this trust is old, you wrote this trust when the kids were minors. Yeah, they can have some of their money or all of it at twenty five. Guess what? They're 45 years old now. That doesn't fly anymore in your trust. Perhaps now you want to protect an inheritance from, again, divorces I'd mentioned earlier. Lawsuits, creditors. There's ways that we can do that inside there. Addiction, financial immaturity, right? Government benefit disqualifications and beneficiar beneficiaries' future tax liabilities, estate taxes. There's all kinds of things you can design inside the revocable trust. Now, I want to make sure I get these out. I've created 10 warning signs for you. Here are the major signs that it may be time for a restatement. Warning sign number one: your trust is more than seven to ten years old. I could have said five years, 10 years, 20 years, it doesn't matter. I just chose seven to ten years. That seems to be the norm of what I see. Because the trust doesn't automatically expire, right? People sometimes think, my trust expires after a certain number of years. No, it does not. It goes on in perpetu in perpetuity. So it doesn't automatically expire after a certain number of years. But if no qualified person has reviewed it for, let's say, a decade, it probably deserves some attention. Family circumstances, asset, tax laws, retirement account rules. Folks, all these have changed recently. And estate planning practices. All these things change, but your trust hasn't. For example, the federal estate tax exclusion, remember, is now $15 million per person for deaths in 2026. Older trusts may contain tax formulas or mandatory trust divisions designed around dramatically different exemption amounts. So I've told you, every time we get somebody new in the White House, they seem to go after this and they change this exemption amount. Remember before Trump got re-elected, they were talking about it going back to about $2 million a person. So that old provision may, you know, remain legally valid that you have, but may longer produce the results that your family expects. Warning sign number two, you've accomplished, or excuse me, you've accumulated multiple amendments. Multiple amendments. I've seen this. Let's say your trust has three, four, or five amendments. Your family may someday have to read every document together to determine your final intentions. Can you imagine? Trust was written 10, 15 years ago. You've got five amendments. Hopefully you kept all five amendments. I see a lot of these trust notebooks. There's like two or three of the amendments, but there were five of them written. How is your family supposed to figure this out? One document says one thing. Amendment number one changes it. Amendment number three changes it again. Amendment number four changes a related section. I mean, it goes on and on and on. That creates confusion. And what happens with confusion with your family? It creates conflict. So a restatement can consolidate the controlling provisions into one coherent. Easy to understand document. Warning sign number three, your marriage has changed. Divorce, remarriage, death of a spouse. That could trigger an immediate review. And this is especially important in a blended family. Because without careful planning, the surviving spouse and the deceased spouse children can find themselves with competing interests. And then we know what happens. Everyone begins to fight. All right, my music's playing. I've got one minute, so I'm going to not be able to give you an explanation, but I will just tell you. Warning sign number four. A beneficiary circumstances have changed. Warning sign five, your decision makers are no longer appropriate. Warning sign number six, you move to another state. Number seven, your wealth has changed substantially. Number eight, your trust does not address incapacity adequately. And nine, your retirement account strategy is outdated. And number 10, nobody can explain how your plan works. That's the most important one. All right, let me wrap up with this, folks. Again, go to specializetrust.com or call the office 260-3875. Here's what I want you to remember an estate plan is not finished merely because it was signed. Your estate plan should evolve as your family, your property, and your goals evolve. Take the time, have it reviewed. Hopefully everything is great. Imagine how well you'll sleep. If not, wouldn't you rather have it changed now than, of course, letting your family deal with it? God bless. Have a great afternoon. We'll see you tomorrow on the John Sanchez Show.