Why Should I Update My Estate Plan in the New Year?

man carrying two children

A lot can change in one year, which is why your estate plan should do the same. To learn more about what elements of your estate plan should be revisited, reach out to our firm today and speak with an experienced Woodland Hills, California estate planning attorney. Our firm is on your side.

Why should I update my estate plan?

Life can change in the blink of an eye, which is why you need to be as prepared as possible. People experience a variety of changes, including an addition to a family, such as having a child, a grandchild, or adopting. Furthermore, there are a number of people who get married. When these changes happen, it is critical that these new additions are carried into an individual’s estate plan as well so that they can become a beneficiary.

Contrastingly, there may be casualties to an estate plan as well. For instance, if a person loses their job, passes away, or goes through a divorce. When this occurs, it is important to remove certain people or assets from the future plan. Finally, the goal of a comprehensive estate plan is to make sure that 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 revised accordingly can give problems for a person’s beneficiaries, which is why you need to create a thoughtful and comprehensive estate plan.

What 0ther factors should I include in my estate plan?

An estate plan is intricate and has many additional parts to it. For instance, one part of an estate plan that many people may forget is to name an executor. This is an individual that is chosen to ensure the deceased’s will within their estate plan is carried out the way they wanted it to be. Furthermore, the creator of the estate plan may want to include multiple trusts for their beneficiaries, depending on their unique situations. When it comes to parents that would like to protect the future of their children, they should work on appointing a trusted guardian that can provide care for their children in the event that they are unable to do so themselves. Our firm recognizes that there are a lot of moving parts to an estate plan, and many that should be revisited annually. Because of this, it is most beneficial to have an experienced Woodland Hills, California estate planning attorney on your side to help you throughout this process.

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.

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