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Should I update my estate plan?

Having a valid estate plan in place is a must. However, even if your wills and trusts currently meet your needs, how can you rest assured that they will continue to do so in the future? This question highlights the importance of reviewing your estate plan every few years or so to ensure it's still sound. According to Forbes, you should also look over your estate plan after these major life occurrences. 

Life changes

Marital changes can impact all areas of your life. For example, when you divorce you want to revamp your will to ensure your former spouses is no longer named as beneficiary. Failure to do so can lead to significant in-fighting and probate battles should your new spouse be excluded from estate planning documents. If you have a new child, your plan will need to be updated to include him or her as an heir. If someone has been included in your will and is now deceased, that person should be removed.

Moving to another state

Estate planning laws vary from state to state. As a result, estate plans are often created with local laws in mind. That means a big move across state lines can render your will less effective. This is especially pertinent when it comes to estate tax issues, as your new home may not be as favorable in this area. 

Financial changes

An increase in assets also warrants a thorough view. First, you want to ensure that all property and assets are included in the plan, and they may not be if they were recently acquired. Next, you want to design your plan so that it's most amenable to you and your heirs. An attorney can help you do just that, while also ensuring that all assets are included in important documents. 

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Torrance, CA 90505

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