Are you a California resident with an estate plan? If you have not updated it in several years, you may be wondering if now is the time to do so. Today we will look at some of the most common reasons people change or update their estate plan.
However, know that you do not need to wait for a specific time or life event before editing your estate plan. You can change your mind about any aspect of it for any reason. If you decide you want to leave certain assets with a different person, make those changes. If you do not think a relative is as capable of carrying out your wishes as you once believed, you can remove them.
Despite this, most people will wait until big life events to make changes to their estate plan. These changes typically involve laws, finances and relationships. For example, many people revisit plans after getting divorced or remarried. They often want to remove or add people into their plan. Those who move to different states also edit their plans, as the laws of their old state may not apply. Finally, financial changes often cause estate plan changes. It is important to reflect assets accurately in any plan, after all.
You can start reading more about estate planning at any time. Take a look at our web page, linked here, if you would like to continue your research into the topic. You can learn about estate planning tips that can help streamline the process and keep you at the top of your game.