Why You Need To Keep Your Plan Up To Date

Many people experience a tremendous sense of relief when their estate plan is completed. This is only natural—it’s a great feeling to know you have thoughtfully prepared for your future financial, physical and emotional well-being, as well as that of the people you care about most. But does that mean you can just file your plan away and never think about it again? Absolutely not. Updating your plan is every bit as important as having an experienced attorney create and implement your plan in the first place. Why? In a word, change.

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Change is a part of life. As you grow older, your needs will change. For example, your financial situation, income stream, and the medical condition of you and your spouse will change over the years. The needs of your family will also change. Perhaps a son or daughter has gotten divorced and remarried? In that case, you may want to add asset protection provisions to your trust. Or perhaps your children now have children of their own, and you might want to make provisions for your grandchildren. One of your children might develop financial problems, while another child earns a great deal of money. In that case, you might want to amend your will or trust to take into accountant their different needs.

Another factor to consider is the law itself. The laws governing taxes, asset protection strategies, and more change from one year to the next. Your plan must take these changes into account as well.

I recommend to all my clients that when a major change has taken place in their lives, or the lives of loved ones and other beneficiaries, they contact me for a review of their plan. Even if your situation hasn’t changed recently, it is a good idea to have your plan reviewed at least every two years. I look forward to the opportunity to keeping your plan up to date and capable of working the way it was originally intended. Contact us for a consultation at (626) 696-3145.

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