When Do I Need to Update My Estate Plan in California?

An estate plan is not a static document and should be reviewed periodically to ensure that the details still match your wishes for your estate. There are many situations that may necessitate the need to update an estate plan in California, and the experienced lawyers at the Law Offices of Omar Gastelum and Associates are here to help. For more information, call or contact our office to schedule a consultation today.

If You Just Moved to California

One reason why you should update your estate plan is if you just moved into the state. Every state has different rules regarding estates, and it is likely that your estate plan has been tailored to the specific laws of your prior residence. An estate plan should be updated upon moving to California in order to bring it into alignment with this state’s laws and ensure that it meets the requirements of validity here.

After Major Life Events

Another reason to update an estate plan is when major life events occur. Some of the most common examples of a major life event include marriage, divorce, births, and deaths. However, this can encompass anything that happens which alters how you would like to distribute an estate. An heir graduating from college or a loved one developing a substance abuse issue can also count as major life events that may require a review of how assets are divided.

If Your Finances Change Significantly

If your finances change significantly, either positively or negatively, you should consider updating your estate plan. Substantial changes to finances often result in equally substantial changes to what heirs and beneficiaries should expect to receive after your passing. Big changes in finances may also result in adding or removing parties that stand to inherit in an estate plan depending on the situation.

If Elements of Your Estate Plan are Outdated

Finally, an estate plan should be revised if other elements of the plan have become outdated. One common example of this is when an executor or trustee named in the estate plan is no longer appropriate because of illness, injury, or the passing of a named person. This also applies to people named as power of attorney or as a healthcare proxy in the estate plan.

Opinions about medical decisions and the distribution of an estate may also shift over time, and if the terms of an advance directive, will, or trust no longer reflect the desires of the testator the estate plan needs to be reviewed and amended to accurately reflect those wishes.

Call or Contact Our Office Now

Do you believe that it may be time to update your estate plan in the Los Angeles area? If so, the knowledgeable and experienced lawyers at the Law Offices of Omar Gastelum & Associates are here to help. Call the office or contact us online to speak with one of our staff and schedule an initial consultation of your legal needs.