While many individuals set up an estate plan, they often overlook the need to update it over time. Changes in circumstances can significantly affect how your estate plan functions. Updating your estate plan regularly with the help of an experienced estate planning attorney in Santa Clarita, CA, such as the team at The Werner Law Firm, can help protect your interests and the future of your loved ones.
Why Should You Update Your Estate Plan?
An estate plan is not a one-time project. It's a dynamic document that should evolve with your life. Several life events can require modifications to your estate plan:
Change in Family Dynamics
Major life events, such as the birth of children or grandchildren, a marriage, divorce, or the death of a loved one, can affect your beneficiaries or guardianship designations. If you don’t update your estate plan accordingly, your assets may not be distributed according to your current wishes.
Acquiring New Assets
As you accumulate new assets, whether it's property, investments, or business interests, it’s essential to update your will or trust to show these changes. A revocable living trust can allow your loved ones to access these assets without going through probate, providing privacy and efficiency in distribution.
Changes in Laws
Laws regarding estate taxes, inheritance rules, and Medicaid planning can change, and your estate plan should reflect new regulations. An estate planning attorney, such as those at The Werner Law Firm, can help keep your plan aligned with current legal requirements.
Healthcare Directives and Powers of Attorney
In the event of incapacitation, your medical and financial decisions need to be addressed. An updated estate plan puts healthcare directives and powers of attorney in place, naming trusted individuals to make decisions on your behalf. This is particularly important if your health situation changes or if you want to specify different individuals to manage financial and medical decisions.
The Role of an Estate Planning Attorney
While you may have an estate plan in place, it’s essential to consult with a qualified estate planning attorney regularly. An attorney from The Werner Law Firm can guide you through the process of updating your estate plan so that it reflects your current wishes and is legally sound.
Review and Revise Existing Documents
If you have already made a will or trust, an attorney can review it to see if it aligns with your current goals and circumstances. They can make revisions to accommodate any changes in your life, such as new beneficiaries or assets.
Check for Legal Compliance
Laws regarding estate planning can change, and an attorney will make sure your estate plan adheres to the latest legal standards. For example, they can help you address changes to California’s estate tax laws or check that your estate plan accounts for new Medicaid eligibility requirements.
Book a Consultation With The Werner Law Firm Today
Updating your estate plan on a regular basis is an important step in protecting your assets and your family’s future. If you haven’t taken the time to review your estate plan recently with an estate planning attorney in Santa Clarita, CA, now is the time to do so. The Werner Law Firm is here to guide you through the process. To learn more about how The Werner Law Firm can help you update your plans, book a call today to get started.
