Once you have an estate plan in place, it is all too easy to forget about it for years. Many people fail to realize that an estate plan can become outdated due to life events and changes in circumstances. The estate plan you have in place may not achieve what you want if you fail to regularly review and update your documents. The following are some situations in which you should strongly consider scheduling an appointment with a skilled estate planning lawyer for a review.
Getting married or divorced – Changes in your marital status mean you should update your documents to acknowledge the change. This is especially true if you are getting married and have children from a previous relationship. Legal separation or divorce will nullify your ex-spouse’s inheritance, though it will not automatically update your power of attorney or other designations that give your spouse authority. If you have a joint trust, you will want to revoke that trust upon separation or divorce and create a new one.
Having children – You want to ensure your estate plan properly indicates who you want to be your child’s guardian should both you and the other parent pass away. You also may want to draft specific trust instructions to provide distributions for your children in a specific manner.
Estate changes – As your estate grows in value or the nature of your assets and property change, you may need to draft additional documents to properly address the distribution of your estate and protect your wealth.
Contact a La Mirada Estate Planning Lawyer for Advice and Assistance
The above are only some reasons why you should review your estate plan and often, the passage of time should be reason enough. Call Brasov Law at 213.948.2500 or request a consultation through the form below.