After taking the time to put an estate plan in order, who really wants to think about it anymore? Most people do not. Unfortunately, it is hard to achieve asset preservation if one's estate plan is not kept up to date. California residents can help themselves by reviewing and updating their estate planning documents on a fairly regular basis.
A lot can change in one's life over the course of just a few years -- particularly for successful business owners or members of well-to-do families. Unfortunately, according to studies, most individuals with estate plans have plans that are more than five years old. Why does that matter?
What is going to happen to all the assets accrued during those five years? What is going to happen if one's estate plan says one thing, but one's wishes have changed? Having an out-of-date estate plan matters because assets will not be fully protected, and one's current wishes may not be honored.
Modifying an estate plan is actually a relatively easy thing to do. It is just a matter of taking the time to do it. Failing to do so will not help one's asset preservation efforts. It also increases the odds of disgruntled family members filing claims against the estate. California residents can help their loved ones avoid a lot of problems down the line, simply by taking the time to meet with an experienced estate planning attorney in order to review their current estate plans and, if necessary, make any changes needed or desired.
Source: Forbes, "Why Continuous Estate Planning Is Essential For The Rich And Super-Rich", Russ Alan Prince, Sept. 6, 2017