Why is it Important to Review My Estate Plan in the New Year?

As a person’s life continues, they often encounter many changes that impact their future significantly. It is crucial that these important moments in a person’s life are reflected in their estate plan. The beginning of a new year is the perfect time to implement these changes. While it can seem bothersome and daunting to plan for the end of your life, it is important to do so to ensure that loved ones our protected and assets are accounted for. When updating an estate plan, it can be beneficial to retain the services of an experienced California estate planning attorney to ensure everything is set up the way it should be and there are no mistakes made during the process. 

Why Should I Review my Estate Plan?

As previously stated, a life never remains the same from start to finish. People experience a variety of changes, whether they may be big or small. This can include an addition to a family, such as having a child, a grandchild, or adopting. In addition to this, there are many people who experience getting married. When these changes occur, it is important that these new additions to a life are brought into an individual’s estate plan as well so that they can become a beneficiary. 

On the other hand, there may be losses to an estate plan as well. For example, if a person loses their job or goes through a divorce. When this happens, it is important to remove certain people or assets from the future plan. Ultimately, the goal of a comprehensive estate plan is to ensure the intentions of the individual for their assets and future are outlined properly so that they may be used when necessary. Plans that are not updated accordingly can present difficulty for a person’s beneficiaries, which is why it is crucial to take your estate plan seriously. 

What Other Aspects Should I Include?

An estate plan is complex and has many different parts to it. For example, one aspect of an estate plan that many people may forget is to name an executor. This is an individual that is appointed to ensure the deceased’s will within their estate plan is carried out the way they intended it to be. In addition to this, the creator of the estate plan may wish to include various trusts for their beneficiaries, depending on their unique situations. For parents who wish to protect the future of their children, it is in their best interest to appoint a trusted guardian who can care for their children in the event that they cannot do so themselves. As it can be difficult to remember and incorporate all the important fascets of an estate plan, it is crucial to enlist the help of an estate planning attorney for guidance during this time. 

Contact our Firm

Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most.Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.