When you make an estate plan, it is easy to feel secure that your affairs are in order and will be properly handled should you become incapacitated or pass away. However, many circumstances can change throughout your life, and a common mistake is failing to revisit your estate plan regularly to determine whether any changes and updates are in order.
Life Events
Did you get married or divorced? Did you have a new child? These are all reasons why you should review your estate plan. While state laws have some provisions addressing spousal inheritance, it is best to specifically set out your wishes and bequests for your spouse and children. In addition, you can name your spouse as your power of attorney if you wish, or remove that spouse if you get a divorce. You can also use estate planning documents to name a guardian for your minor children should the need arise.
Your Property Changes
The nature of your estate might change regularly with the ups and downs of life. You should update your estate plan when the type or amount of your property changes significantly, as your priorities for property distributions will likely change. You also might need additional tools, such as a trust, to protect your property as your estate increases.
Speak with an Estate Planning Lawyer in Pleasanton Today
The above are only some examples of when you should update your estate plan, and a regular review with a Pleasanton estate planning attorney is always a wise move. At the law firm of Randick, O’Dea & Tooliatos, LLP, we assist clients with their initial estate plans, as well as any necessary changes throughout the years. Call (510) 344-2599 or contact us online to discuss the many ways we can help you plan for the future.
