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When assets grow significantly, it is time to sit down for an estate plan modification in California. Fortunately, the process does not have to be overwhelmingly difficult and can often be accomplished in just a few weeks. The following is a list of the top five reasons to consider an estate plan update when your assets have grown significantly.

Your Will

An update to your Will may be necessary when your net worth increases. Because of the assets that have grown, the distribution among your beneficiaries may no longer be even or as planned. In addition, you may consider including certain tax-related phrases, along with adding a more experienced executor, in order to reduce the tax burden that could eventually occur.

Your Trust

Your Anaheim trust may need to be updated after your net worth climbs for several reasons. There could be potentially significant tax savings involved with using a trust, depending on the overall size of the estate. In addition, you may opt to include additional beneficiaries or change the times in which distributions are made to any young children.

Your Durable Power of Attorney

Following significant growth in your assets, you may want to consider naming someone as your Agent under the Durable Power of Attorney who has some financial, tax, or legal background. While this is certainly not required, it does help when it comes time to implement the estate plan.

To learn more about the estate planning update process, contact the knowledgeable Orange County trust attorneys at the Law Office of James F. Roberts & Associates, APC. Call our office today at (714) 459-5481 for a consultation.

James F. Roberts
Founder and owner of the Law Office of James F. Roberts and Associates, a premiere estate planning law firm
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