Leading Estate Planning Attorney R. Sam Price, founder of Price Law Firm, APC in Redlands, CA, warns us about the importance of reviewing an estate plan on a regular basis. For more information please visit https://pricelawfirm.com
Redlands, California, United States - June 29, 2023 —
Everyone’s life is constantly evolving at a fast pace. Still, many forget to reflect these changes in their estate plans on a regular basis, Sam Price, a Californian Estate Planning Attorney, said this week.
For more information please visit https://pricelawfirm.com
Having a plan in place already is an ideal start, he said. “If a person doesn’t, then they should think of getting one drawn up. However, once established, I would advise anyone with a plan to review it regularly so that it reflects changing circumstances in their life. Otherwise, outdated directions may cause confusion and consternation among grieving family members.’’
“A general rule of thumb is to review it at least every three to five years. Wait too long, and you could be overwhelmed by the process and the number of changes required. But keeping on top of it, and reflecting changes as they happen, will inevitably ease the process.”
Among the most obvious change points to be reflected should be marriage, divorce, children and death. Those four key areas will fundamentally change a person’s day-to-day dynamics and should be fully reflected in the plan.
The Founder of the Price Law Firm, APC in Redlands, California, said that anyone who has married should include their new spouse, while a divorce should see the removal of a former partner’s name in the estate plan. “However, even if you don’t marry but are in a partnership domestically, you should consider naming your partner in an estate plan as they may not get anything if it is not specifically written out.”
He advised that immediately after divorce or marriage is an excellent time to revise your estate plan while it remains fresh in the memory.
Another trigger point for change is children. If a person has an estate plan, they should review it and consider who will take care of them, certainly while they are at school age, if anything happens. They should also consider changing the plan if new additions come into the family.
Another consideration is whether a new partner has children from a previous relationship and if they should be factored into any changes in an estate plan.
Conversely, if a person wishes to disinherit a child by writing them out of the plan, or seeking to change a child’s potential guardian, these can be done with the guidance of their estate plan attorney. They may also suggest having a backup guardian if a first choice dies or is incapacitated in the meantime, he added.
Mr Price said that one of the key reasons to review and revise the plan is the need to add or delete any beneficiaries. “If beneficiaries have to be changed in an estate plan, then this should be applied to all areas to be uniform and consistent. You must apply this to life insurance, retirement, and business plans, so the providers must be contacted. This ensures there is no confusion on the issue.”
The need to change beneficiaries will also kick in if one of them has died. There may be a need to add a new beneficiary or to revise the distribution of assets with those remaining in the plan.
He advised that a person with an estate plan should also review and relist any assets they may want to add. For example, property estate or a new business may be part of your life but may still need to be updated in the plan.
Other issues that need to be considered for change are any taxation or state law changes, a change in the executor or power of attorney to oversee the estate and if you become incapacitated, or succession plans for a business you own or have shares in.
“When family or personal life dynamics evolve, a person with an estate plan should take time out to fully reflect these changes.” He concluded: “Failure to do so could come at a heavy price, especially if someone is in the plan and you no longer want them in it but never got around to doing it. Update your plan regularly with your estate planning attorney, as in the long run it will give you peace of mind.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Sam Price
Email: Send Email
Organization: Price Law Firm, APC
Address: 454 Cajon Street, Redlands, CA 92373
Phone: 909-488-4110
Website: https://pricelawfirm.com
Release ID: 89100805
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