While a majority of people understand that creating an
estate plan is necessary, many are unaware that maintaining it to accommodate for
change is also important. If a substantial life event or change has occurred
since the formation of your estate plan has occurred, it may be wise to
update your plan with the help of an experienced legal professional.
The following life changes can all impose the need for an estate plan update:
- Starting a business
- Considerable increase in wealth
- Substantial decrease in wealth
- Birth/adoption of a child
- Death of a child or spouse
- Purchase of property
In addition to life events, changing laws can also have an impact on your
estate planning documents. Moving to a different state can have a similar
impact, as each state has its own set of unique requirements for creating
and executing an estate plan.
Why Should I Update My Plan?
Legally, anything that is not established in a written will or other aspect
of your estate plan will be distributed by the state at the time of your
death, usually to unsatisfactory results. For this reason, it is important
that you dictate in writing detailed instructions on how you want your
assets to be divided. This way, you can ensure that the appropriate parties
are given what they deserve, rather than having the state decide through
a complex and lengthy process.
With the help of a Santa Clarita estate planning lawyer from the Werner
Law Firm, updating your estate plan is made easy. Since 1975, our firm
has provided top-rated counsel for the Santa Clarita Valley, ranking as
a part of the Nation’s Top One Percent of attorneys by the National
Association of Distinguished Counsel (NADC).
Contact our firm or request a
free case evaluation today!