Why You Should Update Your Estate Plan in California

It is important to understand that even though you have created an estate plan, it is never truly complete. An estate plan should be updated every time something big happens in your life. Contact our firm today to speak with one of our experienced estate planning attorneys to help ensure that your estate plan is the best it can be.

Why should I update my estate plan?

  • There is a change in your affection: This typically means that there has been an addition to the family. This can apply to a new child or grandchild. It is crucial that you update your documents to follow this change so that your added family members can be included in your future plans. Additionally, there may be instances where you would like to omit someone from your estate plans, such as after divorce or death. No matter what the circumstances are, it is crucial that your plan is reflective of your current life situation.
  • Executors or trustees become inappropriate: Situations change and sometimes the individuals we initially selected in our estate plan are not the best fit anymore. For instance, they may be unable to complete the tasks as you would like them done, someone else may be a better choice, or someone has aged, moved away, or passed away.
  • Your retirement plan is outdated: The greatest mistake in estate plans is the failure to modernize the beneficiary designations of IRAs, 401(k)s, and other retirement plans.  Beneficiary designations also control who receives annuities, life insurance, some financial accounts, and some other assets. Be sure to review all these forms and amend them if that’s desired.
  • You moved to another state: Since each state has its own estate planning laws, it is important that you update your estate plan instantly after moving to a new place. In some states, there may be differences in the number of witnesses required in order for a will to be valid, while other states, depending on where you live, may make a spouse inherit a minimum share of the estate.

If any of the above situations apply to you, it is in your best interest to reach out to our dedicated firm today to speak with one of our estate planning attorneys. Our legal team is prepared to ensure that you, your family, and your futures are all protected.

Contact our Firm

Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.

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