Does Your Estate Plan Need a Little Spring Cleaning?

8:45 pm Estate Planning

estate planning image 284x250 150x150 Does Your Estate Plan Need a Little Spring Cleaning?Reviewing and updating your estate planning documents can be just as important as creating them in the first place.  As the season of renewal, spring is the perfect time for this ritual, with particular attention paid to these five areas:

1. Estate plans should be reviewed to ensure the strategies used when your plan was drafted still align with your current situation.  This applies to wills, trusts, powers of attorney and living wills.

2.  Assess whether or not the individuals named as executors, trustees or guardians are still in good standing to assume these roles.  If they are not, others should be named.

3.  Are there trusts set up for minor children who have now grown to adulthood, perhaps with children of their own?  Perhaps you’ll want to change those trusts to include grandchildren.

4.  Have you acquired property or other assets that need to be placed in a trust?  This doesn’t happen automatically; you must transfer the asset to your trust during your lifetime.

5.  Does your estate plan comply with current estate tax laws?  Even if it does, it should be reviewed with an eye toward changes that are on the horizon in 2013.

Contact us today and let our Newport Beach law firm help you with all your financial planning needs.

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