Is It Time to Update Your Estate Plan? – The McNamara Law Firm

Estate planning is not a one-time task, but rather an ongoing process that should evolve with your life. Creating your legal documents is a significant step, and updates are expected as you grow older. When is it time for an update?
1. Marriage or Divorce: A change in marital status is the most common reason to update your estate plan. In the event of a divorce, you should consider removing your ex-spouse from your documents, and ensure your assets are handled according to your wishes. In the event of a new marriage, important decisions should be made regarding existing assets either spouse brings to the marriage. Second marriages and blended families often pose interesting estate planning issues, and an experienced estate planning attorney can prove invaluable in such situations.
2. Death of a Beneficiary or Trustee: If someone named in your estate plan, such as a beneficiary or trustee, passes away or becomes ill, changes should be made to your documents to reflect this loss or change.
3. Relocation: Moving to or from California may affect your Estate Plan, especially regarding community property laws and Power of Attorney documents. Make sure your plan complies with the legal requirements of your new location.
4. Change of Beneficiaries and/or Trustees: Your relationships with former beneficiaries and trustees may change over time. Children grow up and their needs change. Once close friends may become distant. You may need to update your documents to reflect these changes.
When updating your Estate Plan, working with an experienced attorney is essential to ensure the documents meet all legal requirements, serve your needs and the needs of your loved ones, and provide you with security for the future.
For more information, please visit www.theMcNamaraLawFirm.com or call (661) 287-3260.