A resume summarizes experience, skill set, and education. It provides prospective employers insight into prospective performance. Imagine failing to update your resume for five, ten, or even fifteen years. In such a case, it would inaccurately reflect professional abilities. Similarly, estate plans require constant updates to reflect life and law changes. Outdated estate plans, like outdated resumes, simply do not work. This blog discusses the reasons to update estate plans.
Reflect & Update
Consider the changes in your life so far. Is everything the same today as when you signed your will, trust agreement, and other estate planning documents? If not, then take steps to make sure your estate plan reflects those changes. The best way to do this is to update estate plans.
Life Changes Sufficient to Update Estate Plans:
- One of your children gives birth.
- You adopt a new family member
- Someone marries
- Someone divorces or separates from their spouse
- A loved one passed away.
- A loved one is now battling an addiction.
- One of your trusted decision makers becomes incapacitated.
- Disability strikes a loved one.
- You or a loved one is now suffering some health challenges.
- Your financial status or a beneficiary’s changes, for better or worse.
- Relevant laws (tax, retirement accounts or benefits, property) change.
- You, a trusted decision maker, or a beneficiary moved to a new state.
- Your family circumstances have changed.
- Your business circumstances have changed.
Procrastination
Estate planning is usually at the bottom of a person’s to-do list. Thus, after someone crafts their estate plan, they forget about it. Therefore, do not be like most people. Since estate planning is an ongoing project that requires review and attention. Finally, there is no time like the present to review your estate plan. So, call our office now to get your estate planning review scheduled. What’s more, as with most people, if it is on the calendar, you will make it happen. Just as you update your resume and meet with your doctor, dentist, CPA, or financial advisor regularly, you should meet with us regularly as well. We will ensure that your estate plan reflects your current needs and the needs of the people you love. Updating is the best way to ensure that your estate plan will do exactly what you want it to do.
About Skvarna Law Firm in Glendora and Upland, California
A skilled attorney can assist with your estate plan. Contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. We provide legal services for individuals living in San Bernardino, Los Angeles, Orange and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.