Estate Plans and Periodic Reviews

While many people don't want to even think about preparing instructions for their loved ones to wrap up their affairs after they have passed; others believe that once they have completed an estate plan with a revocable trust, they are done and never have to touch it again. Keep reading to find out why periodic reviews are important...

An estate plan is a set of legal documents that outlines how a person's assets and affairs will be handled after their death or incapacitation. It includes documents such as a will, power of attorney, and trust, among others. It's important to review an estate plan periodically for several reasons:

  1. Life changes: Over time, people's lives change, and their estate plan needs to be updated to reflect these changes. For example, if a person gets married, divorced, has children, or buys or sells property, their estate plan may need to be revised.
  2. Changes in the law: Laws governing estate planning can change over time. For example, tax laws and regulations related to trusts and estates are subject to frequent changes. Reviewing an estate plan periodically can ensure that it's up-to-date with the latest legal requirements.
  3. Changes in financial circumstances: A person's financial circumstances may change over time, such as an increase or decrease in income or changes in investments. These changes may require revisions to their estate plan to ensure that their assets are distributed in the most effective way.
  4. Changes in personal circumstances: A person's personal circumstances may also change over time, such as a change in health, the death of a family member or beneficiary, or a change in personal relationships. These changes may require revisions to their estate plan to ensure that their wishes are still being met.

In summary, reviewing an estate plan periodically is important to ensure that it accurately reflects a person's current wishes, accounts for any changes in circumstances or the law, and provides the most effective distribution of assets to their loved ones.

Contact me when you are ready to discuss your estate planning further.

Paul Hilton, San Diego Estate Planning Attorney and Probate

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