Most people recognize the general benefits of putting together an estate plan that reflects their individual needs as well as what is best for their family. However, putting together an estate plan is not something that can be accomplished in one sitting. Although your initial estate plan may accomplish some of your general goals, it may be something that needs to be adjusted over time with the help of your Pasadena estate planning attorney.
Every individual needs a different estate plan for their particular situation. For example, your estate plan will most likely look quite different when you are over the age of sixty and married and your kids have already moved out of the house, when compared with the situation of being 30 and having no children or spouse to speak up. The asset allotment, as well as the asset types will shift significantly. You may also need to adjust your plan as your individual circumstances change over the course of time. It is important planning to set up an estate plan and strategy when you are single, but you may need to change and amend it several years later if you add more assets and people into your life.
The majority of estate plans that functions properly for an individual as well as his or her beneficiaries respond to current circumstances. This is one reason why you should schedule and annual consultation with your estate planning attorney. Keep note of any and all documents and ensure that the beneficiaries listed are still relevant and the materials you have put together previously are still in line with your individual needs.
