How often should I update my estate plan?
How often you should update your estate plan in California depends on whether there have been changes in circumstances or in the law. In general, I advise clients to take a look at everything approximately every 3-5 years. It doesn’t mean you’ll need to make changes, but it’s certainly helpful to remind yourself what plans you have in place.
Here are some situations that may warrant an update to your estate plan:
Changes in Family or Personal Circumstances: This includes marriage, divorce, birth or adoption of a child, or the death of a family member.
Changes in Financial Situation: For example, a significant increase or decrease in assets, starting or selling a business, or acquiring new properties.
Changes in Tax Laws: Significant changes in state or federal tax laws, particularly estate and gift tax laws, may require revisions to your estate plan to take advantage of any new opportunities or exemptions.
The types of changes your estate plan might need include: adding or removing beneficiaries, updating guardianship designations for minor children, changing the distribution of assets, changing your financial agents (trustees, agent under financial power of attorney), or updating plans to reflect your current financial circumstances.
Also note: every state has its own estate laws; if you move to a new state, you need to revisit your estate plan with a local attorney.
Whether you’re an existing client or not, please contact me for a complimentary review of your current estate plan. We’ll figure out together whether you need some updates or whether you’re good to continue for another 3-5 years.