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An increase in financial assets is a welcome change for many people. Even if you already had an Anaheim estate plan in place, however, a change in your financial assets often triggers a need for an estate plan modification. There are many reasons why a change in your net worth can impact your estate planning strategy. An experienced Anaheim trust attorney can guide you through the process of modifying your trust and other documents to create an overall plan that is right for your modified situation.

As your assets grow significantly, there are many reasons to consult with your legal advisor to discuss updating your estate plan. These reasons include:

  1. Federal tax liability that you may now incur, which was not the case at the time you created your plan.
  2. State tax liabilities may now exist.
  3. You may wish to include additional beneficiaries now that the size of the estate has grown.
  4. You may want to modify the manner in which your beneficiaries receive their inheritance, given the amount that they will now be receiving.
  5. Consider adding provisions that dictate the role of a financial advisor working alongside the trustee during the administration process.
  6. Depending on the type of assets that grew, the balance of shares from your trust may now be unequal, which may not have been your original intention when creating the trust.
  7. If your plan did not previously include a trust, now may be an excellent time to create one.

For more information about revocable living trusts and amendments, view our free guide, The Ten Things You Must Know Before Creating (or Amending) Your Will or Trust. The experienced Anaheim trust lawyers at the Law Office of James F. Roberts & Associates, APC, are here to guide you through this process. Call our office today at (714) 459-5481 for a consultation. 

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