Reviewing Your Estate Plan

A new year is a great time to look over and review your estate plan. Having an outdated estate plan may have unintended consequences.

For example,

  • If you are predeceased by your nominated executors, trustees, or beneficiaries, you may be represented by individuals that that you no longer have a close relationship with;
  • Conflict within your family and friends;
  • Outdated estate law tying the hands of your surviving spouse;
  • Your obtained new assets which were not transferred to your trust, and thus being subject to probate;

When should you review your estate planning documents with your attorney?

  • Death of a family member, executor, trustee, or personal representative of your estate of any kind;
  • Illness or disability of you, your spouse, or someone named in your estate plan;
  • Marriage/Divorce, affecting you or a beneficiary of your estate;
  • Birth/adoption of a child or grandchild;
  • A major change in your assets or investments such as a purchase or sale of a home, or the start of a new business;
  • Change in California state laws
  • You are a new California resident;
  • You are nearing retirement, and before your qualified retirement plans start to distribute themselves (IRA, 401k, etc.);
  • It has been over three years since your last review

It’s important to keep in mind that the act of reviewing your documents doesn’t always mean that you will have to make an amendment, however, notifying your attorney keeps you on track and aware of any potential updates.

Happy Planning!

B.B.

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship. Brittany Britton is licensed to practice law in the state of California only.

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