After you create your plan, many changes can happen in your life that mean your plan must change too. If you do not update the plan just before or just after these changes, your wishes may not be carried out after your death.
Big Financial Changes
Big financial changes may lead to the need to update your estate plan. For example, you should seek out your estate planning attorney if you:
- Buy or sell a house
- Buy or sell investment property
- Inherit money or property
When your financial situation changes, you may need to incorporate new estate planning structures into your existing plan. You may want to place that new property into a trust or change your will to leave the property to someone specific.
Big Family Changes
Family changes, unless to distant family, almost always result in needed updates to your estate plan or need to carry out the family member’s plan. For example, your family changes could include:
- Births or deaths of relatives
- Marriage, divorce, or separation
While your family adjusts, you may realize that your former spouse was named as your heir in your will, or your parents had a trust of which you are now the trustee. Whatever the change, act quickly to alter your estate plan or to carry out the family member’s wishes.
Big Life Changes
Life changes could include:
- Getting a new, much higher paying job with different benefits
- Moving to a different state or country
- Receiving citizenship or your green card
In particular, any changes in residency or location often require estate plan changes. Your move could require rearranging your estate plan to account for additional taxes, or changing trustee to someone local. In any situation like this, consult a knowledgeable estate planning attorney.
Planning your estate? Look to Janet Brewer, Esq. for thorough and thoughtful estate planning advice. Janet’s more than 20 years of legal experience and her certification as a California estate planning and probate specialist by the California State Bar Board of Legal Specialization will give you confidence and peace of mind.
To schedule a “Get Acquainted” meeting, visit Janet's website or call her office at (650) 469-8206.