Palmer Rodak & Associates
Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal SpecializationServing your Community for 19 Years
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The importance of updating your estate plan

California residents who have taken the leap and created a will or a trust should feel very good about this. It can be a relief to know that such plans are in place. However, it is equally important to know that this should not be considered a one-time endeavor. 

As CNN Money explains, there can be many life experiences that may necessitate a review of one's long-term estate planning. These things include divorce and marriage of not only the person who has created the will or trust but of anyone who may be a beneficiary or an executor. Just like many people want to include new in-laws in their family plans, they also don't generally tend to want a former in-law to inherit precious family assets or heirlooms.

Imagine a new child or grandchild has been born. This may make a person want to set up a guardianship if they are the parent or perhaps allot money to the child if they are the grandparent. On the other side of the equation is the death of a relative who may have been an heir.

In addition to these very personal changes in one's life can be financially based shifts. A person may sell or acquire a new home, boat or other significant asset that would logically and substantially change the will or trust that is currently in place. According to The Balance, there may also be differences in the laws from one state to another so if someone moves to California from another state, that could be a good time to have a will or trust reviewed and updated.

 

 

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Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal Specialization

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