New Report: Californians Should Modify Estate Plans in 4th Quarter

Posted on Sep 07, 2013

According to a new report, the fourth quarter is an ideal time for California residents to consider modifying their estate plan. The report notes that families should pay careful attention to who will manage the plan when parents age, become incapacitated, or pass away. The importance of this decision cannot be underestimated, as naming the wrong individuals can result in disputes.

Rather than naming some or all of the children to serve as fiduciaries of their parents’ estate, the report suggests naming a more neutral party, such as an attorney or other trusted advisor. The report further notes that even for estate plans that give property outright following death, these assets will not be distributed until certain administrative tasks have been carried out. As a result, having the right individual serving as trustee or executor is crucial.

Each year, the fourth quarter typically brings about year-end tax reviews and other assessments of family or business finances. For these reasons, it is the perfect time to review the need for an estate plan modification. Perhaps the individual or individuals who were appointed as trustees or executors are no longer the best choice. Similarly, perhaps the family would like to consider naming a professional trustee or an independent trustee to oversee the plan’s administration. This creates an excellent opportunity for amending an estate plan.

To learn more about modifying an estate plan in California, contact the experienced Anaheim trust attorneys at the Law Office of James F. Roberts and Associates today for a consultation. Call our office at (714) 459-5481.

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