What should I do with my California estate plan if my assets have significantly grown in recent years?

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Scheduling a time to meet with your Orange County trust lawyer is vital after a significant change in your financial assets. You may need to build in new provisions that take advantage of certain tax laws. You may also want to make adjustments to your current plan. While this may seem overwhelming to an inexperienced successor trustee, you are fortunately able to consult with experienced advisors for guidance.

The following is an overview of what to do once a significant change in your financial assets has changed:

  • Contact a knowledgeable Orange County trust attorney for a consultation. Your lawyer will review your financial position and provide a recommendation as to which documents should be updated to accommodate your changed financial position.
  • Obtain a copy of all of your old documents and any amendments.
  • Gather documentation that demonstrates how and where your assets are held.
  • Consider carefully whether you want to make any changes to the beneficiaries or when and how they can receive their inheritance.
  • Consider whether you want to name a professional, such as a financial advisor or CPA, as successor trustees or executors to your estate plan.

While gathering all of this information may seem like a lot of work, it is important to ensure that the trust update is handled properly. Fortunately for trustees and executors, you generally do not have to attempt to navigate the administration process alone. The knowledgeable legal professionals at the Law Office of James F. Roberts & Associates, APC, are here to help. Call our office today at (714) 459-5481 for a consultation with an experienced Orange County trust attorney.

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