There are several benefits to planning your estate early on and knowing the financial future of both yourself and your loved ones is secured. The only possible issue in doing so is the risk of having an outdated estate plan should the unexpected occur. Below you will find a guide to help determine if your estate plan could use an update.
If You Were Recently Married or Divorced
Getting married or divorced are huge life decisions, and they are decisions that can impact your estate plan. The reason marriages and divorces affect your estate plan is that you may want to add your spouse to your current plan or remove your ex-spouse as a beneficiary of your life insurance policy following your divorce.
You will need to update your estate plan if there are any new individuals you would like to include as beneficiaries, such as children or grandchildren. If you had a child without updating your estate plan, you can already count it outdated. Even if you do not wish to name them as a beneficiary immediately, you should establish a guardianship plan should you and your spouse pass away while your child is still a minor.
This also includes any beneficiaries you would like to remove from your estate plan whether for personal reasons or if one of your beneficiaries has since passed away. If a beneficiary has passed away, you should make the necessary adjustments as they are unable to receive any of your assets when you die.
You Have Missing Components
It is always advised for someone to have either a will or a living trust, a power of attorney, and an advanced medical directive. If these are missing in your estate plan, determining the best financial course for your family could become extremely complicated should you pass away or become incapacitated.
If there are no obvious reasons why you should take a closer look at your estate plan, time will always be one of them. In fact, it is advised that you have your estate plan reviewed at least every 3 years to ensure everything is up to date.
Contact Our California Estate Planning Team Today
Life is unpredictable, and should the unthinkable happen, having your estate plan up to date and free of errors can be essential for a smooth financial transition for your loved ones. If you would like to learn more about how we can help you make sure your estate plan isn't outdated, visit our website to register for one of our upcoming seminars and receive a complimentary consultation and review of your estate plan.
If you would like to learn more about how we can help you with your estate planning needs, don't hesitate to contact us today through our website or give us a call at (661) 426-2499 to schedule a consultation!