Though you have already taken the time to plan your estate, periodic follow-ups can ensure that your plans continue to address your needs effectively.
Here are a few examples of when an update could be necessary.
Changes to your assets
Increasing your wealth could bear on how you would like to divide it. Likewise, a depreciation in any of your active investments might merit a review of provisions in a will that devise fixed sums.
Real estate purchases
If you buy a new property, you may need to think about how it will affect the distribution of your wealth. Also, your plans may impact the best way to take title to a property.
Marriage
When you enter into a marriage, it is important to address estate planning with your spouse. California is a community property state, so you and your spouse will co-own what you acquire during your marriage.
In California, getting a divorce invalidates bequests to a spouse. However, provisions benefitting a spouse remain in effect until the divorce process is final.
Children
When you have or adopt children, you need to make sure that your will or trust adequately provides for them. If you are becoming part of a blended family, it may be necessary to take extra steps to include non-biological children as beneficiaries.
If you are not sure about whether it is necessary to update your estate plan, or it has simply been a long time since you last reviewed it, you should take the time to do so. Getting your plans in order can offer you considerable peace of mind.
