Finding the time to draft your will and put together the other vital pieces of your estate plan can be a lengthy and complicated process. Once all of the essential documents have been signed and taken care of, most people put them away without giving them a second thought. However, time will pass by, and before you know it, life circumstances will happen that warrant going back to consider making changes, or at least taking a second look at these important items. Here are some reasons why you may need to update your estate plan:
New Additions and Changes to the Family
When you made your will or trust, you may have been newly married, but now have started a family. You may also have left property to someone who is no longer alive, or could have decided you want to change how your assets will be distributed because of a new marriage or an adoption. Further, you may have made some estate planning choices because of you and your family’s circumstances at the time, and now feel that re-structuring your bequests is more equitable. Whatever the situation may be, when there are changes in your life or family, going back to look over your will and other estate planning documents is a logical decision.
When you prepared your estate plan, you may have had specific holdings that are now no longer in your possession. It may also be that since that time, you have acquired new property that you would like to include in your will or trust. Your assets may have increased or decreased significantly in value, or you may have had to divide them because of a divorce or other lawsuit. Property and asset value changes can alter your plan significantly, and it’s important to update your documents to reflect the most current status of your estate.
The Law Changes
When you created your estate plan, your documents were governed by the existing laws of that time. Since then, there may have been changes to statutes and developments in California case law that may have a significant impact on your plan. It’s worth revisiting your estate documents in view of any legal changes. That way you and your estate planning attorney can help make sure everything is drafted in a way which provides the most current and significant benefits to you and your heirs.
At the Law Offices of Alice A. Salvo, we have the California estate planning experience you need to help you create and make any necessary updates to your California estate plan. Please contact us online or by phone to schedule an appointment and start working towards a solution.