Are you and your spouse in a place to think about moving into a home with smaller square footage? You’re not alone- this is a common question for many people who are looking at what’s the best fit for their upcoming lifestyle needs.
There are many different milestones in your life that might prompt you to think about what will happen to your belongings when you pass away. One of the most common for older couples is when they are planning to move into a smaller home to decrease their expenses and the responsibility for maintaining that home.
Likewise, many people took a hard look at their California homes and neighborhoods when things shut down for the pandemic. For some, spending more time in their house made them realize it was time for a move. If your home is currently outlined in your will, you’ll want to make sure that the residential address in your will is changed to reflect your new location. If the home currently listed in your will is sold, this could also raise conversations and questions from beneficiaries who thought it might be coming to them.
Putting plans for your estate in place early can help decrease conflicts down the road and improve your clarity over what to gift now and what to gift in the future. As you are downsizing, you’ll want to think about having these conversations with the other spouse as well as any other people appointed in important roles in your estate, such as a power of attorney agent or a personal representative.
When downsizing your California home, certain assets that were previously part of your estate plan might need to be removed if these are sold, given away or transferred. An overall refresh of your estate plan includes considering all of the liabilities as well as the assets associated with your future plans. For more support in crafting an individual strategy, contact an estate planning lawyer in Pasadena, CA.