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Your Estate Plan Is A Living Document

Life is what happens while we’re making other plans. Some things we’d rather not think about: our own death, the death of our spouse, a divorce. But good planning takes into consideration all contingencies. You don’t want to compound a tragic event with a lack of planning. And you shouldn’t make serious decisions when you are in emotional pain or unable to think clearly.

At Norton Basu LLP, we know there are very real benefits to planning for the unthinkable.

When To Make Changes To Your Estate Plan

There are definite times to revisit your plan and make updates. Here are 10 life events that should prompt you to have a conversation with your estate planning attorney.

  1. If you are considering a divorce.
  2. If you are getting married. This is especially true if this is a second or third marriage.
  3. If you or your spouse are diagnosed with a serious health condition.
  4. If you buy or become an owner of a home, land, or rental or vacation property.
  5. If you or your adult child has a baby or adopts a child.
  6. If it has been three or more years since you reviewed your plan. Why? Because relationships change. The person you designated to have durable power of attorneyor as your trustee may have moved away or is no longer a close friend.
  7. If your children turn 18. They will no longer need a guardian but may benefit from a trust that you set up with specific distribution criteria.
  8. If a beneficiary has died. You may want to designate a new beneficiary or restructure your distributions.
  9. If you move. New to California? You’ll need to update your plans to reflect this.
  10. If new tax laws are passed. You want to make sure your plan gives you the greatest protection from estate taxes. Don’t worry – we’ll reach out to you and let you know if this is something you need to talk to us about.

When you work with us, we stay in contact with you. You will have the committed support you need to be continually advised, through in-person conversations, our newsletter, podcast, educational seminars, or videos, on changes to the law and things to keep in mind regarding California estate planning.