When You Need to Update Your Estate Plan Immediately

Serving Clients Throughout Sonoma, Mendocino, Lake, and Napa Counties

Your estate plan is a part of your legacy. It’s going to be the best avenue you have to define your wishes and ensure all your hard work ends up in the right hands after you’re gone. So, you should be thinking about your plan every step of the way.

Life comes at us fast, and when things change in your life you should consider how those changes impact your estate plan.

Your family structure changes

This covers a lot of ground but is one of the most obvious signs it’s time to get your plan updated right away. Did you get married or divorced? Have kids? Did a loved one do the same? Maybe someone passed away unexpectedly. Any of these changes should have you looking at your plan to consider how it impacts your assets and the distribution of them.

It’s important to know your estate plan won’t automatically shift when these changes happen. The plan represents your direct wishes, so the courts and your estate won’t be able to just assume changes after you’re gone. It’s up to you and your attorney to make sure all considerations are included.

Major financial changes

One of the most important parts of your estate plan details what happens to your money and investments after you pass away. Even if you prefer to detail the percentages each beneficiary will receive after your death, you should always take another look when you undergo a major financial change.

This applies when your finances improve or decline. If you come by more money, it’ll need to be detailed in your will where the new money will go. If you end up losing income or spending more than originally planned, you’ll need to make sure the details of your estate remain enforceable. If you don’t actually have the money you lay out in your will, it could make the entire document null.

You purchase property

Real estate is often the biggest investment most people make in their lifetimes. Having an estate plan in place can prevent future trouble in the family, as well as possibly saving substantial amounts of time and money in probate and taxes. So, whenever you make a new purchase or sell property you should update your estate plan.

What’s important to understand is we can never plan for some of life’s big changes. Even if you make a purchase with the plan to flip it, you should still update your estate plan immediately to avoid the pitfalls of the property being left out of your plan should something happen to you.

Estate and tax laws change

This is a key point a lot of clients miss. You don’t necessarily need to be in tune with all laws, but it’s important to have an attorney who will. Your attorney should keep you informed and get in touch when a change impacts your specific situation.

At Carroll Law Office, we have the experience and expertise to ensure your estate plan stays up to date. We want to simplify life’s complexities. Contact us today and get your plan right.

Our Team Is Here

To Help You During Every Stage of Your Case

Request a Case Review

Fields Marked With An “*” Are Required

  • This field is for validation purposes and should be left unchanged.