The Necessity of Regular Estate Plan Reviews

  • Post last modified:July 20, 2023

Insights from an Estate Planning Attorney in California

Estate planning is not a one-time activity but a continuous process. To ensure your estate plan meets your needs and those of your loved ones, reviewing and updating it regularly is essential. Here are a few reasons why regular estate plan reviews are necessary and how they can benefit you and your family.

Life Changes

Life is full of changes, and these changes often have a profound impact on your estate plan. Regular reviews ensure that your estate plan reflects your current circumstances and desires. Some life changes are:

• Marriage or divorce

• Birth of a child or grandchild

• Death of a family member or beneficiary 

• Moving to a new state

Financial Shifts

As your personal and financial situations may change, it is crucial to update your estate plan accordingly. This includes changes in assets, selling off previous holdings, and fluctuations in the value of your estate. By keeping your estate plan up to date, you can ensure that your assets are distributed according to your current wishes and financial state. Some examples of financial shifts that may require updates to your estate plan include:

• Increase or decrease in income or assets 

• Debt accumulation 

• Retirement and Social Security benefits 

• Investment losses or gains 

Legal and Tax Law Updates

Estate planning and tax laws are subject to frequent changes, which may result in some parts of your estate plan becoming ineffective or leading to unexpected outcomes. You can stay current with the latest legal requirements and take advantage of new provisions that may be advantageous by scheduling regular reviews of your estate plan with a qualified attorney.

Beneficiary Changes

Over time, your relationship with your beneficiaries may change. You may want to include new beneficiaries, such as grandchildren or charities, or remove others. Regular reviews allow you to ensure your estate plan aligns with your current relationships and wishes for your beneficiaries. Some examples:

• Changing your primary beneficiary 

• Adding or removing beneficiaries   

• Changing guardianship provisions for minor children

• Changing the percentage of assets allocated to each beneficiary

• Adding contingencies or specific instructions for how beneficiaries may use their inheritance. 

Improved Estate Planning Options

It is suggested to have regular check-ups of your estate plan with a Pasadena attorney. This will enable you to stay up-to-date on the latest estate planning tools and strategies, ensuring your plan is as effective and advantageous as possible.

For example:

• Trusts for asset protection 

• Gifting strategies to reduce taxes 

• Charitable trusts for tax deductions 

• Strategies to reduce the amount of taxes due upon death 

Securing Your Legacy with Regular Estate Plan Reviews

An effective estate plan requires regular review and updates. Our experienced estate planning lawyer in Pasadena can help you navigate the ever-changing estate planning landscape. Contact us today at (833) 285-5201 to learn how regular estate plan reviews can secure your legacy and provide peace of mind for you and your loved ones.