Major life events should always encourage you to update your estate plan. What was accurate in the past might be changed by going through a significant life event. However, in the chaos of attempting to recover or address this life event, it’s all too easy to overlook the impact of documents that are no longer relevant or accurate to your individual needs.
Scheduling an annual consultation with an experienced estate planning lawyer is one of the simplest steps you can take to increase your chances of capturing these estate planning omissions or irrelevant documents and strategies.
Some of the most common life events that can occur prompting you to schedule this consultation and review include:
- A divorce, in which at minimum you should reconsider updating your will and all of your beneficiary designation documents.
- A new or second marriage.
- The adoption of a child, such as a step-child.
- A death in the family of a person who was previously named as your personal representative or trustee.
- A changing family relationship that has encouraged you to want to remove someone from your existing estate plan.
- Updates in state and federal estate tax laws that could influence plans and protections you previously had in place.
- A significant boost in income or individual wealth which necessitates the need for asset protection planning.
Schedule a consultation with a caring estate planning lawyer in Pasadena who could help you to review all of these issues in full.