By Jay Greene, Esq., CPA–
An estate plan should make you feel that your assets and loved ones have a secure strategy for the future. However, having an estate plan doesn’t mean that everything ends there. As with most things, an estate plan needs to be reviewed and updated throughout your lifetime. An outdated estate plan can actually do more harm than good for you in the long run.
What Needs Updating?
An estate plan typically includes a variety of documents used to plan for your financial, legal, and health situation. These documents are created around your known goals and concerns, and also for any unforeseen circumstances that may occur.
Our firm’s comprehensive estate planning packages always include a Trust, Power of Attorney, Health Care Directive, and Last Will. Each of these documents will have a major impact during your life or after you pass away. As you encounter life changes, you would want your essential documents to reflect these changes as well.
Unforeseen Changes
There are infinite possibilities for what can change throughout your life, but there are three common types of changes we want you to consider.
First, there may be people who enter or leave your life. Often times, someone will pass away who held a vital position in your estate planning documents. Other cases of exit could be a divorce or the ending of a relationship. In a more positive light, there could be a new birth in the family, or perhaps you have met a new significant other whom you would like to include in your planning.
Second, you will accumulate different assets throughout your life. This could include the purchase of a new house, or sale of an old house. You might start a business and require asset protection planning to ensure your assets are secure. Other assets could include a recent inheritance, new vehicles, and bank accounts.
Third, there are frequent changes to estate planning law. This type of change is completely out of your control, and it may impact you negatively. Estate plans interact with so many legal and financial elements that there is bound to be some level of impact to you. These elements include but are not limited to taxation, property assessments, and qualification for government benefits.
Steps to Update
Updating your estate plan is a must, and it is easier than you think! The first step is to gather your current estate planning documents and to notate all major changes that have occurred since the documents were created. Next, you would want an experienced estate planning attorney to review your documents. Our firm frequently reviews estate planning documents from other attorneys to ensure our clients’ estate plans are up-to-date. As needed, our firm will create new documents inclusive of current legal provisions and client update requests to ensure their wishes are met.
If you or someone you know has an estate plan that needs to be updated, please reach out to our office and schedule a free initial assessment to get started.
Statements In Compliance with California Rules of Professional Conduct: The materials in this article have been prepared by Jay Greene for educational purposes only and are not legal advice. This information does not create an attorney-client relationship. Individuals should consult with an estate planning and elder law attorney for up-to-date information for their individual plans.
Jay Greene, Esq., CPA, is the founder of Greene Estate, Probate & Elder Law Firm based in San Francisco, and is focused on helping LGBT individuals, couples, and families plan for their future, protect their assets, and preserve their wealth. To learn more and to schedule an appointment, visit https://assetprotectionbayarea.com/
Trust Essentials
Published on September 8, 2022
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