Creating an estate plan is an important step in ensuring that your assets are protected and that your wishes are carried out after your death or incapacity. However, your estate plan is not a one-time event, but rather it is a living document that should be reviewed and updated regularly to ensure that it continues to reflect your current wishes and objectives.
Over time, your assets, family dynamics (such as divorce, remarriage, or birth of children or grandchildren) and wishes for how your assets should be distributed may change. Also, the people that you have designated to be in charge of your estate if you become incapacitated or pass away may no longer be available.
Having estate planning documents is not enough. You must also make sure that your estate plan and your assets are working together. For example, if you have a revocable living trust (RLT), you should make sure that your trust is funded. This means that if you have a house, that house in most cases should be put into the trust. Your financial accounts should either be placed in the trust or have designated beneficiaries. An experienced estate planning attorney can review your assets with you and advise which assets should be placed in a revocable living trust, and which assets should be handled in other ways, such as with designated beneficiaries.
Another important reason to review your estate plan is to ensure that it complies with current. Laws related to trusts, taxes, and probate can change over time, so it’s important to ensure that your estate plan complies with the current laws to avoid any potential legal or financial issues.
In conclusion, it is important to review your estate plan regularly to ensure that it continues to reflect your current wishes and objectives, complies with current laws, and is in alignment with your assets. Consult with an estate planning attorney to ensure that your estate plan is tailored to your specific needs and goals.
Contact the Law Office of Carol A. Fauerbach at (916) 597-1305 to discuss options for developing a customized estate plan that meets the unique needs of you and your family.
The information you obtain at this site is not, nor is it intended to be, legal advice and does not establish an attorney-client relationship. You should consult an attorney for advice regarding your individual situation. We invite you to contact the Law Office of Carol A. Fauerbach at (916) 597-1305, and welcome your calls, letters, and electronic mail. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.