The Elder and Disability Law Firm, APC
It's Time to Call your Estate Planning Attorney when ...
The estate plan that you originally put into place is going to be based on a snapshot, but life itself is more akin to an ongoing motion picture. As a result you would do well to look at estate planning as an ongoing process that will involve revisions along the way.
Some events that people typically experience logically trigger the need for estate plan updates. You know it's time to call your estate planning lawyer when these life changes take place:
Changes To Your Relationship Status
As a single adult you are going to need to have a basic estate plan, but when you get married this plan will no longer be adequate. And of course if you were to get divorced you are probably going to want to make changes to beneficiaries and perhaps make some other alterations. Upon remarriage you are likely to once again want to make some revisions to your existing plan.
Having Children & Grandchildren
As a young married couple you and your spouse must make sure that you are providing for one another should the unthinkable take place. But once you have children your level of responsibility to your family increases and an estate plan update will be necessary.
And of course as an older individual you will want to revisit your existing estate plan as grandchildren arrive.
Improved Financial Position
There are tax implications and asset protection issues to consider when you are making preparations for the future. If you find yourself in a much improved financial position an update to your estate plan may be in order.
The best way to be optimally prepared at all times is to retain expert legal counsel and get together for regular estate plan reviews. Should you be interested in developing such a relationship, simply take a moment to arrange for a consultation with a good San Bernardino estate planning lawyer.