What considerations should I address when updating my estate plan?

After you create your estate plan, it is important to remember that it needs to be kept up to date. What made sense for your family several years ago may no longer make sense today. Life tends to bring with it many changes, and our estate plans must mirror those changes as they occur. Once you have made the wise decision to modify your existing estate plan, there are several things to consider.

Five Things to Consider When Modifying an Estate Plan

Are you wondering what issues you should address as you prepare to update your estate plan? Consider the following:

  1. Do you want to use the same attorney who created your original estate plan, or are you searching for someone new? If so, there are many attorneys throughout Anaheim. However, it is important to find someone who focuses his practice in this unique and complex area of the law.
  2. Where are your original documents kept? In some cases, attorneys will hold the originals for you. In other cases, you may have taken them yourself. If your original documents are not in your possession, it is important to obtain them prior to updating your plan.
  3. Are you looking to add a trust to an estate plan, or do you have a trust and want to update it? If you already have the trust, your attorney will need to review it before preparing the amendment.
  4. What are the unique issues currently facing your family that you want to address in your estate plan? For example, if a loved one is battling alcohol addiction, you will want to discuss this with your attorney. There are several estate planning techniques that can be added to your estate plan to protect both your loved one and your assets.
  5. Do your current circumstances create a sense of urgency for updating your estate plan? If so, it is important to communicate this to your attorney. For example, if you or a loved one is in poor health, facing an upcoming surgery, or taking a vacation abroad, let your attorney know so that your update can be completed as quickly as possible.

Are you ready to learn more about updating your estate plan? We encourage you to contact us today. Fill out our online contact form and someone from our office will get in touch with you shortly.