Many individuals in California and elsewhere place a high priority on planning for the future. However, in some cases, simply putting a plan into action might not be enough, as certain changes in life could spark a need for adjustment. To avoid any undesirable consequences down the road, a person might find it beneficial to update wills and/or other estate plans should the need arise.
There are many changes in life that could create a need to update information on one's estate plans. Important life experiences such as marriage or the birth of a child could be some examples of such circumstances, and beneficiaries may need to be added or changes accordingly. Alternatively, a divorce or the death of a love one can create a similar need.
Estate plans often involve wishes that aren't financial in nature, such as the choosing of a guardian for one's children in the event of a fatal accident. Keeping this information up to date could prove beneficial to ensuring a person's wishes are carried out. In addition, state laws are subject to change, and checking in on any adjustments in this area from time to time could help one avoid undesirable consequences down the road.
Keeping wills and other estate plans up to date is advisable, but with so many crucial areas to consider, a person might need assistance in the process. By speaking with an experienced attorney, a client in California could obtain some much-needed guidance on life changes that might spur a need for an update to the estate plan. An attorney can also assist a client in covering any other additional concerns and provide information on current estate planning laws.
Source: FindLaw, "Checklist: Reasons to Update Your Will & Estate Planning Documents", July 28, 2017