Yes, It Is Time to Review Your Estate Plan

more+
less-
more+
less-

You were smart enough to create an estate plan almost five years ago while you were living and working in San Mateo, California. However, with everything else going on in your life, updating the plan is not among your highest priorities. Ironically, because you are so busy as you build a solid career, you should think about reviewing your estate plan periodically.

According to an article in Forbes magazine, people need to modify their estate plan if any of the following occurs:

  • Getting married or divorced
  • Death of a spouse
  • Purchase  or refinance of a house
  • Opening new financial accounts or making changes to your investments
  • Changes regarding your children

You know that you’re overdue in updating the original plan, but you just can’t spare the time and effort to do it. However, since you already have the basics in place, updating the plan in California doesn’t have to be a long and drawn out process. The first step is to review a copy of your existing documents. Mark them up to reflect the significant changes that have occurred in your situation, since you created the original plan. Also note your current property holdings, who holds your other financial assets and where they are held.

Contact a California attorney who is knowledgeable and experienced in executing estate plans. Together, you can discuss your changes and he or she can advise you as to the options that will best benefit you and your family. Don’t wait too long to begin this process. Nobody knows what the future holds. Make the call today.

Posted in Estate Planning | Tagged estate plan, financial assets, significant changes, upating your estate plan

Topics:  Documentation, Estate Planning

Published In: Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Fox, Shjeflo, Hartley & Babu LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »