When was the last time you looked at your estate plan? Creating a plan is a milestone, but it is not the finish line. Life changes, and a plan that fit your circumstances a few years ago may no longer reflect your wishes, your family, or the law. An outdated plan can send assets to the wrong person or name someone who is no longer the right fit. Below, we explain the life events that should prompt an update, how changes in the law factor in, and how often to review your plan.
Certain moments in life are natural triggers for revisiting your plan. Marriage or divorce changes who you want to provide for and who should make decisions on your behalf. The birth or adoption of a child raises questions of guardianship and inheritance. A death in the family may mean an executor, trustee, or beneficiary needs to be replaced. Moving to a new state can affect how your documents are treated. A significant change in your finances, such as buying property or selling a business, may call for new strategies. After a divorce especially, reviewing your beneficiary designations is essential, and our guidance on updating a plan after a divorce explains why. Our Santa Clarita estate planning attorneys help families keep their plans current, and our Glendale team serves clients across the region.
Even when your life stays steady, the legal landscape can shift. Tax rules, estate planning laws, and the way certain documents are treated can all change over time, and a plan built under old rules may no longer work as intended. This is one reason a plan should never be set and forgotten. Periodic review with guidance helps ensure your documents still accomplish what you want under current law, and revisiting the fundamentals in our estate plan overview can be a helpful starting point.
Even without a major event, it is wise to review your plan every few years to confirm it still reflects your wishes and your circumstances. Think of it as regular maintenance, a quick check to catch anything that has drifted out of date. Between reviews, keep the plan in mind whenever something significant happens in your life. Our overview of the reasons to update your plan offers a useful checklist to keep handy.
The California Courts Wills and Life Planning guide offers neutral information on the legal documents that make up a plan and how they address life's changes.
At The Werner Law Firm, Managing Attorney Troy Werner brings nearly two decades of practice to helping California families keep their plans current as life unfolds. We offer free initial consultations and make reviewing or updating your plan straightforward and stress free. When you're ready for a fresh look at your plan, contact us to schedule your free consultation.
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! See full disclaimer here.
