It’s very commendable if you have an estate plan. Many fail to be so proactive. But, when was the last time you had an estate plan update in San Diego? Can’t remember? Don’t see why you should? Read on to find out why it’s important to revisit your plans.

What estate plans are

If you don’t have an estate plan, let’s brush up on the basics first. Your estate is everything you own. An estate plan allows you to arrange the disposal of that estate as you see fit. With estate plans you can determine: who gets what and when. It also allows you to plan for incapacity, to plan for guardianship of minor children, to plan for care for relatives with special needs, to expedite the disposal of your estate while saving on taxes, and to relieve your family from the administrative burden at an emotionally demanding time. Elements of estate plans are:

• Wills
• Living trusts
• Power of attorney for finances
• Advance healthcare directives
• Beneficiary designations

Read more about wills and trusts, how they complement each other, why you want to make estate plans and advance healthcare directive.

Why you should update your estate plan

We cannot plan life, life happens. Major life events often affect our estate and how we would like that estate to be distributed after we are gone. Unfortunately, many people think it’s enough to make an estate plan and put it in a safe place. You should regularly review your estate plan and update it to reflect your wishes and how they change according to life circumstances.

There are certain times that should prompt you into reviewing and updating your estate plan in San Diego.

When to update estate plan

Generally speaking, it’s prudent to revisit your estate plan every 3 to 5 years.  Here is a detailed but not exhaustive list of life events that warrant a plan review.

• Some individuals you named have passed away.
• There are new family members – through birth or adoption.
• You have married or got divorced.
• State laws have changed.
• You’d like to change or you have already changed the designations for guardians and trustees.
• One or more children have turned eighteen.
• Your estate has significantly increased or decreased.
• You are reaching the age of 70 and a half. This is related to IRA, 401 (k) and other plans that require you to take distributions at that age.

Need more answers or help for an estate plan update in San Diego?

The Law Offices of Irina Sherbak are here for you. We offer a no-cost, no-pressure 30-min case review to address your estate planning concerns. Check out our Yelp reviews to see how dedicated we are to helping you ensure your wishes are carried out. Call us at 858-208-8900!